Analysts say a “higher than normal influx of stablecoins to exchanges is just one sign that traders are preparing for the next leg of the Bitcoin rally.
Bitcoin (BTC) is down 0.5% over the last 24 hours to trade at $89,077, 4.5% below its $93,434 all-time high.
Despite this pullback, optimism around a possible crypto-friendly Trump administration, rising stablecoin inflows into exchanges, and steady inflows into the spot Bitcoin exchange-traded funds (ETFs), and several onchain indicators suggest that the bull market is not over.
Bitcoin’s 17% uptick over the last seven days was accompanied by an influx of stablecoins into cryptocurrency exchanges, according to data from market intelligence firm CryptoQuant.
