{"id":538482,"date":"2023-06-19T16:00:04","date_gmt":"2023-06-19T16:00:04","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=538482"},"modified":"2024-06-11T11:43:55","modified_gmt":"2024-06-11T11:43:55","slug":"stablecoins-market-cap-shows-rise-why-bullish-bitcoin","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/stablecoins-market-cap-shows-rise-why-bullish-bitcoin\/","title":{"rendered":"Stablecoins Supply Finally Shows Rise, Here’s Why This Is Bullish For Bitcoin"},"content":{"rendered":"

On-chain data shows the supply of stablecoins has been going up recently, a sign that could potentially be bullish for Bitcoin.<\/p>\n

Stablecoins Have Registered An Increase In Their Supply Recently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, every increase in stablecoins’ supply since late 2022 has been accompanied by a rise in the price of Bitcoin. The metric of interest here is naturally the combined circulating supply of all stablecoins<\/a>.<\/p>\n

When the value of this indicator rises, it means that capital is entering into the stables currently as more of their tokens are being minted. On the other hand, a decline implies investors are either redeeming these fiat-tied tokens for currencies like the dollar or shifting them into other cryptocurrencies like Bitcoin.<\/p>\n

Generally, investors use stables whenever they want to avoid the volatility associated with most of the coins in the sector. Thus, whenever the supply of these tokens is going up, it can also be a sign that investors are possibly retreating from the volatile markets.<\/p>\n

When such investors eventually feel like the prices are right to jump back into the other assets, they simply exchange their stablecoins for their desired coins. Naturally, this can provide bullish pressure on the price of the cryptocurrency that they are shifting into.<\/p>\n

Related Reading: Bitcoin Price Steadies Above $26K, Can Bulls Pump It Further?<\/a><\/div>\n

Now, here is a chart that shows the trend in the combined circulating supply of the stablecoins over the past year and a half:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been going up in recent days | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the combined circulating supply of the stablecoins had started moving on an overall downtrend back when Bitcoin hit the bull market top. This decrease in the supply of these tokens implied the exit of capital from the market, as BTC and other coins also went down in value alongside this downtrend.<\/p>\n
In late 2022, however, the indicator finally showed a brief deviation from the downward trajectory as its value registered a sharp increase. Interestingly, not too long after this spike appeared, the price of Bitcoin started observing its rally<\/a>.<\/p>\n
This increase in the supply of the stablecoins could have been a sign that a capital injection into the market took place, and as these freshly piled up stables were converted to the other coins, the market obtained its fuel for the rally.<\/p>\n
Related Reading: Bitcoin Retailers Buying The Dip As BTC Soars Above $26,000<\/a><\/div>\n
In March of this year, when the rally had paused and the Bitcoin price had been going down, the metric had once again spiked, implying that investors may have possibly been withdrawing their BTC into the stables.<\/p>\n
After the bottom below $20,000<\/a>, however, the supply of the stablecoins once more dropped, suggesting that holders were potentially exchanging back into Bitcoin. Naturally, the price of the asset observed a bullish boost from this, as the rally kicked back on.<\/p>\n
From the chart, it’s visible that the indicator has been rising again recently. Given that all such rises in the metric have been bullish for BTC during recent months, it’s possible that this fresh influx of capital can provide fuel for the asset this time as well.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $26,400, up 2% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
The value of the asset has gone up over the weekend | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from CoinWire Japan on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the supply of stablecoins has been going up recently, a sign that could potentially be bullish for Bitcoin. Stablecoins Have Registered An Increase In Their Supply Recently As pointed out by an analyst in a CryptoQuant post, every increase in stablecoins’ supply since late 2022 has been accompanied by a rise in the price of Bitcoin. The metric of interest here is naturally the combined circulating supply of all stablecoins. When the value of this indicator rises, it means that capital is entering into the stables currently as more of their tokens are being minted. On the other hand, a decline implies investors are either redeeming these fiat-tied tokens for currencies like the dollar or shifting them into other cryptocurrencies like Bitcoin. Generally, investors use stables whenever they want to avoid the volatility associated with most of the coins in the sector. Thus, whenever the supply of these tokens is going up, it can also be a sign that investors are possibly retreating from the volatile markets. When such investors eventually feel like the prices are right to jump back into the other assets, they simply exchange their stablecoins for their desired coins. Naturally, this can provide bullish pressure on the price of the cryptocurrency that they are shifting into. Related Reading: Bitcoin Price Steadies Above $26K, Can Bulls Pump It Further? Now, here is a chart that shows the trend in the combined circulating supply of the stablecoins over the past year and a half: The value of the metric seems to have been going up in recent days | Source: CryptoQuant As displayed in the above graph, the combined circulating supply of the stablecoins had started moving on an overall downtrend back when Bitcoin hit the bull market top. This decrease in the supply of these tokens implied the exit of capital from the market, as BTC and other coins also went down in value alongside this downtrend. In late 2022, however, the indicator finally showed a brief deviation from the downward trajectory as its value registered a sharp increase. Interestingly, not too long after this spike appeared, the price of Bitcoin started observing its rally. This increase in the supply of the stablecoins could have been a sign that a capital injection into the market took place, and as these freshly piled up stables were converted to the other coins, the market obtained its fuel for the rally. Related Reading: Bitcoin Retailers Buying The Dip As BTC Soars Above $26,000 In March of this year, when the rally had paused and the Bitcoin price had been going down, the metric had once again spiked, implying that investors may have possibly been withdrawing their BTC into the stables. After the bottom below $20,000, however, the supply of the stablecoins once more dropped, suggesting that holders were potentially exchanging back into Bitcoin. Naturally, the price of the asset observed a bullish boost from this, as the rally kicked back on. From the chart, it’s visible that the indicator has been rising again recently. Given that all such rises in the metric have been bullish for BTC during recent months, it’s possible that this fresh influx of capital can provide fuel for the asset this time as well. BTC Price At the time of writing, Bitcoin is trading around $26,400, up 2% in the last week. The value of the asset has gone up over the weekend | Source: BTCUSD on TradingView Featured image from CoinWire Japan on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":538515,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11680,1119,1144,15241,88447,87934],"class_list":["post-538482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bullish","tag-btc","tag-btcusd","tag-stablecoins","tag-stablecoins-market-cap","tag-stables"],"acf":[],"yoast_head":"\nStablecoins Supply Finally Shows Rise, Here's Why This Is Bullish For Bitcoin<\/title>\n<meta name=\"description\" content=\"On-chain data shows the supply of the stablecoins has been going up recently, a sign that could 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/shenyangcang.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Stablecoins Supply Finally Shows Rise, Here’s Why This Is Bullish For Bitcoin","url":"http:\/\/shenyangcang.com\/news\/stablecoins-market-cap-shows-rise-why-bullish-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/stablecoins-market-cap-shows-rise-why-bullish-bitcoin\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/06\/coinwire-japan-iNOavZh6dQ8-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/06\/coinwire-japan-iNOavZh6dQ8-unsplash-scaled.jpg?fit=2560%2C1440"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bullish","btc","btcusd","stablecoins","stablecoins market cap","stables"],"dateCreated":"2023-06-19T16:00:04Z","datePublished":"2023-06-19T16:00:04Z","dateModified":"2024-06-11T11:43:55Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Stablecoins Supply Finally Shows Rise, Here’s Why This Is Bullish For Bitcoin\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/stablecoins-market-cap-shows-rise-why-bullish-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/stablecoins-market-cap-shows-rise-why-bullish-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/coinwire-japan-iNOavZh6dQ8-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/coinwire-japan-iNOavZh6dQ8-unsplash-scaled.jpg?fit=2560%2C1440\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bullish\",\"btc\",\"btcusd\",\"stablecoins\",\"stablecoins market cap\",\"stables\"],\"dateCreated\":\"2023-06-19T16:00:04Z\",\"datePublished\":\"2023-06-19T16:00:04Z\",\"dateModified\":\"2024-06-11T11:43:55Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/06\/coinwire-japan-iNOavZh6dQ8-unsplash-scaled.jpg?fit=2560%2C1440","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/538482"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=538482"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/538482\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/538515"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=538482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=538482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=538482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}