While the financial community eyes jobs data, inflation figures, and the Securities Exchange Commission impacts, one straightforward factor my give more insight into where the price of bitcoin is headed next.
As a primary vehicle for buying crypto assets, the amount of stablecoins on exchanges can serve as a precursor to buying demand. While some notable exchanges offer a “fiat onramp,” meaning the exchange of U.S. dollars directly for crypto, some investors acquire crypto assets via the exchange of stablecoins like USDC and USDT for crypto., the amount of stablecoins held on exchange addresses has declined from 32 billion to 19 billion between January 2022 and June 2023. The price for both BTC and ETH are down 45% and 50% respectively over that time frame.
Increases in the stablecoin exchange balance during the remainder of 2023 will be a likely indication that buying demand is increasing.This article was written and edited by CoinDesk journalists with the sole purpose of informing the reader with accurate information. If you click on a link from Glassnode, CoinDesk may earn a commission. For more, see our
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