Stablecoin outflows into Bitcoin begin to repeat – behaviour change shifting Bitcoin towards $25k

Definition

This chart measures the 30-day change in stablecoin buying power on exchanges. It considers the 30-day change in major stablecoin supplies on exchanges (USDT, USDC, BUSD, and DAI) and subtracts the USD-denominated 30-day change in BTC  flows.

The barcode displayed at the bottom of the chart will signal when the 30-day USD volume of BTC (i.e., inflows are occurring).

Quick Take

• Roughly $3.8 billion of stablecoins have left exchanges in the past 30 days, and some have flown into Bitcoin.
• Since the FTX collapse in November 2022, almost $11 billion worth of stablecoins has left exchanges.
• During the initial FTX collapse sell-off back, stablecoin outflows occurred, but no notion of converting into Bitcoin but fiat.
• However, as the dust settled, stablecoin outflows started to go into Bitcoin from January 2023 – indicating a change of behavior in investors.
• News filtering regarding BUSD and stablecoins could be a trigger to see new inflows into Bitcoin from stablecoins.

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