Stablecoin rotation into Bitcoin helped fuel the leg up to $29K

Quick Take

• The recent Bitcoin pump to $29,000 was helped by the rotation of stablecoins into Bitcoin. 
• According to the stablecoin supply ratio, the oscillator pumped this week to 1.9, going as low as 1.7, which shows the rotation that fuelled the leg up to $29,000.
• Stablecoins on exchanges are approaching $20B, the same levels as April 2021.
• The month of April saw almost $1.5 billion worth of stablecoins leaving exchanges, a much smaller amount than the previous month in March of almost $10 billion.

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