Since June 14, there has been an increase of around 5.6% in the total amount of stablecoins held on cryptocurrency exchanges, which has signaled an end to the drawn-out period of outflow of dollar-pegged digital currencies from trading platforms that has been observed since December 2022, according to Glassnode.
Over the last seven months, the turnover of stablecoins on exchanges had diminished by 60%, but the trend has since changed and investors have returned to sending Tether and other coins to exchange addresses.
The company analysts have suggested that this increase is related to the stabilizing economic situation in the US, which is lifting investor sentiment.
By the end of last week, the net inflow of stablecoins to exchanges had exceeded $153 million, mainly in USDT and USDC.
Additionally, the outflow of backed digital currencies from trading platforms has decreased over the past two weeks, signifying traders’ desire to increase investment in BTC and altcoins, as outlined by Glassnode.
The decision by Tether to redistribute part of its capital in favor of Bitcoin has also been cited among the positive influences on the crypto market’s liquidity.
