Rotation of stablecoins into Bitcoin as it climbed to $30k

Quick Take

• Over the past week, Bitcoin’s notable rise to $30,000 has been subject to several influencing factors.
• Most notably, these include an uptick in derivatives trading, increased spot trading, and a significant number of coins being withdrawn from exchanges.
• CryptoSlate has identified a rotation of stablecoins into Bitcoin, which may be significant, given that the exchange balance for stablecoins has risen for the first time since January 2023.
• The balance of stablecoins across all exchanges has increased by an estimated $600 million in stablecoin value.
• However, it’s essential to highlight that this stablecoin to Bitcoin rotation doesn’t necessarily imply that fresh capital is being injected into the crypto ecosystem.

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