{"id":470181,"date":"2021-08-26T19:00:03","date_gmt":"2021-08-26T19:00:03","guid":{"rendered":"https:\/\/uniquehot.com\/?p=470181"},"modified":"2024-06-11T13:58:03","modified_gmt":"2024-06-11T13:58:03","slug":"stablecoins-reserve-ath-bitcoin-price","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/stablecoins-reserve-ath-bitcoin-price\/","title":{"rendered":"Stablecoins Reserve Hits A New ATH, What Does It Mean For Bitcoin’s Price?"},"content":{"rendered":"

On-chain data shows stablecoins reserve has hit a new all-time-high (ATH), here’s what it could mean for Bitcoin’s price based on past patterns.<\/p>\n

Stablecoins All Exchanges Reserve Achieves New ATH<\/h2>\n

As pointed out by a CryptoQuant post<\/a>, the all exchanges stablecoins reserve has spiked up and reached a new ATH. Past pattern of the indicator might help predict how Bitcoin’s price will move next.<\/p>\n

The all exchanges stablecoins<\/a> reserve is a metric that measures the amount of stablecoins present on all centralized exchanges.<\/p>\n

When the value of this indicator goes up, it means more stablecoins are being sent to exchanges for buying other coins like Bitcoin, or investors are withdrawing from volatile markets into fiat.<\/p>\n

A downtrend in the stablecoins reserve would imply these coins are being transferred to personal wallets or being converted to other crypto like BTC.<\/p>\n

Related Reading |\u00a0Despite Drop To $47k, Coinbase Observes 31k Bitcoin Outflow. Bull Rally Still On?<\/a><\/strong><\/em><\/p>\n

Now, here is a chart that will reveal how the all exchanges stablecoins reserve lines up against the BTC price:<\/p>\n

\"Bitcoin<\/p>\n

The all exchanges stablecoins reserve shoots up | Source: CryptoQuant<\/a><\/pre>\n
On examining the above graph, two interesting features become apparent. The first one is that the stablecoins supply seems to shoot up when Bitcoin’s price hits a bottom.<\/p>\n
The behavior makes sense as keen investors would want to change their positions in the market in reflection to the downtrend in the price.<\/p>\n
Related Reading |\u00a0Puell Multiple: The Bitcoin Metric That Says BTC Miners Aren\u2019t Ready To Sell<\/a><\/strong><\/em><\/p>\n
The other feature is that soon after the spike happens, the stablecoins reserve starts declining and BTC’s price starts moving up.<\/p>\n
This trend has happened twice so far in this month. If it’s indeed a pattern, then Bitcoin’s price should move up now, at least in the short-term, as the indicator is showing a huge spike at the moment.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> is around $46.9k, up 2.5% in the last 7 days. Over the past month, the cryptocurrency has accumulated 22.8% in gains.<\/p>\n
The below chart showcases the trend in the price of BTC over the last 5 days:<\/p>\n
\"Bitcoin<\/p>\n
Bitcoin's price continues to fall downwards | Source: BTCUSD on TradingView<\/a><\/pre>\n
Yesterday, BTC started a very sharp uptrend as the cryptocurrency went from $47k to $49k by earlier today. However, soon after that the crypto sharply dropped in price before it could retest the $50k level. This time. the value touched down to as far below as $46k.<\/p>\n
The price action would suggest at least a short-term bear market<\/a>, but if the stablecoins reserve pattern holds true, Bitcoin’s value could soon lift up as investors use these fiat-tied coins to buy the BTC dip.<\/p>\n
Featured image from Unsplash.com, charts from CryptoQuant.com, TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows stablecoins reserve has hit a new all-time-high (ATH), here’s what it could mean for Bitcoin’s price based on past patterns. Stablecoins All Exchanges Reserve Achieves New ATH As pointed out by a CryptoQuant post, the all exchanges stablecoins reserve has spiked up and reached a new ATH. Past pattern of the indicator might help predict how Bitcoin’s price will move next. The all exchanges stablecoins reserve is a metric that measures the amount of stablecoins present on all centralized exchanges. When the value of this indicator goes up, it means more stablecoins are being sent to exchanges for buying other coins like Bitcoin, or investors are withdrawing from volatile markets into fiat. A downtrend in the stablecoins reserve would imply these coins are being transferred to personal wallets or being converted to other crypto like BTC. Related Reading |\u00a0Despite Drop To $47k, Coinbase Observes 31k Bitcoin Outflow. Bull Rally Still On? Now, here is a chart that will reveal how the all exchanges stablecoins reserve lines up against the BTC price: The all exchanges stablecoins reserve shoots up | Source: CryptoQuant On examining the above graph, two interesting features become apparent. The first one is that the stablecoins supply seems to shoot up when Bitcoin’s price hits a bottom. The behavior makes sense as keen investors would want to change their positions in the market in reflection to the downtrend in the price. Related Reading |\u00a0Puell Multiple: The Bitcoin Metric That Says BTC Miners Aren\u2019t Ready To Sell The other feature is that soon after the spike happens, the stablecoins reserve starts declining and BTC’s price starts moving up. This trend has happened twice so far in this month. If it’s indeed a pattern, then Bitcoin’s price should move up now, at least in the short-term, as the indicator is showing a huge spike at the moment. BTC Price At the time of writing, Bitcoin’s price is around $46.9k, up 2.5% in the last 7 days. Over the past month, the cryptocurrency has accumulated 22.8% in gains. The below chart showcases the trend in the price of BTC over the last 5 days: Bitcoin’s price continues to fall downwards | Source: BTCUSD on TradingView Yesterday, BTC started a very sharp uptrend as the cryptocurrency went from $47k to $49k by earlier today. However, soon after that the crypto sharply dropped in price before it could retest the $50k level. This time. the value touched down to as far below as $46k. The price action would suggest at least a short-term bear market, but if the stablecoins reserve pattern holds true, Bitcoin’s value could soon lift up as investors use these fiat-tied coins to buy the BTC dip. Featured image from Unsplash.com, charts from CryptoQuant.com, TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":470192,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,15241],"class_list":["post-470181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-stablecoins"],"acf":[],"yoast_head":"\nStablecoins Reserve Hits A New ATH, What Does It Mean For Bitcoin's Price?<\/title>\n<meta name=\"description\" content=\"On-chain data shows stablecoins reserve has hit a new all-time-high (ATH), here's what it could mean for Bitcoin's price based on past patterns.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Stablecoins Reserve Hits A New ATH, What Does It Mean For Bitcoin’s Price?","url":"http:\/\/uniquehot.com\/news\/stablecoins-reserve-ath-bitcoin-price\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/stablecoins-reserve-ath-bitcoin-price\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/executium-oOdQk_XZvhs-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/executium-oOdQk_XZvhs-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","stablecoins"],"dateCreated":"2021-08-26T19:00:03Z","datePublished":"2021-08-26T19:00:03Z","dateModified":"2024-06-11T13:58:03Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Stablecoins Reserve Hits A New ATH, What Does It Mean For Bitcoin’s Price?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/stablecoins-reserve-ath-bitcoin-price\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/stablecoins-reserve-ath-bitcoin-price\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/executium-oOdQk_XZvhs-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/executium-oOdQk_XZvhs-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"stablecoins\"],\"dateCreated\":\"2021-08-26T19:00:03Z\",\"datePublished\":\"2021-08-26T19:00:03Z\",\"dateModified\":\"2024-06-11T13:58:03Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/executium-oOdQk_XZvhs-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/470181"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=470181"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/470181\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/470192"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=470181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=470181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=470181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}