{"id":540295,"date":"2023-06-29T12:00:21","date_gmt":"2023-06-29T12:00:21","guid":{"rendered":"https:\/\/uniquehot.com\/?p=540295"},"modified":"2024-06-11T08:16:57","modified_gmt":"2024-06-11T08:16:57","slug":"stablecoin-cap-early-signs-of-reversal-why-goodr-bitcoin","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/stablecoin-cap-early-signs-of-reversal-why-goodr-bitcoin\/","title":{"rendered":"Stablecoin Cap Shows Early Sign Of Reversal, Why This Could Benefit Bitcoin"},"content":{"rendered":"

Data shows the stablecoin market cap has returned toward equilibrium and may be gearing up for a reversal. Here’s how Bitcoin could benefit from this.<\/p>\n

Aggregate Stablecoin Market Cap Change Has Returned To Equilibrium<\/h2>\n

According to data from the on-chain analytics firm Glassnode<\/a>, the aggregate stablecoin market cap had previously been in a decline for around 14 months. The “aggregate stablecoin market cap<\/a>” here refers to the combined market cap (that is, the total valuation in USD) of the top five stables in the sector.<\/p>\n

More specifically, the relevant stablecoins in the current discussion are Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), and TrueUSD (TUSD). The complete supply of these stables is considered here, regardless of how it is distributed among the different blockchains.<\/p>\n

Related Reading: Bitcoin Rally Stalls As Short-Term Holder Exchange Inflows Intensify<\/a><\/p>\n

Historically, the combined market cap of these assets has held important information for the sector, as it can provide hints about whether capital is flowing into or out of the market right now.<\/p>\n

To track the flow of capital, Glassnode has looked at the 30-day percentage change in the aggregate market cap of these fiat-tied tokens.<\/p>\n

Here is a chart that shows the trend in this indicator over the past few years:<\/p>\n

\"Stablecoin<\/p>\n

The value of the metric seems to have approached the zero mark in recent days | Source: Glassnode on Twitter<\/a><\/pre>\n
Naturally, when the value of this metric is positive, it means that the top 5 stablecoins have registered net inflows during the last thirty days. On the other hand, negative values imply outflows have taken place in the past month.<\/p>\n
From the graph, it’s visible that the 30-day percentage change in the aggregate stablecoin market cap was quite positive during the 2021 bull run<\/a>. This would imply that these assets were constantly seeing an expansion in their supplies in this period.<\/p>\n
Usually, investors make use of stables whenever they want to escape the volatility associated with other cryptocurrencies. Such holders keep their capital in the form of these assets until they want to buy back into a volatile coin like Bitcoin or withdraw into fiat. Obviously, in the former scenario, the purchasing can have a positive effect on the price of the asset they are shifting into.<\/p>\n
During bull markets, a ton of capital flows into the sector, which is what helps sustain such rallies. Thus, it’s not a surprise that the stablecoin supply observed expansion during the 2021 bull run.<\/p>\n
As the bear market<\/a> began in 2022, however, the indicator’s value decreased toward the zero level, implying that the outflows started to equal the inflows. A confirmed transition toward net outflows then occurred, as the bearish period kicked into full gear.<\/p>\n
There was a small period during the relief rally in the middle of the year where the 30-day percentage change again approached the zero market. A transition toward inflows, however, failed, and the indicator became negative once more.<\/p>\n
The negative values have continued until now, meaning that these top stablecoins have been observing net redemptions for 14 straight months. Recently, though, the metric has again neared equilibrium, meaning that there is potential for breaking into the inflows regime.<\/p>\n
Related Reading: Bitcoin Correlation To Gold, Silver Drops To Cyclical Lows: Glassnode<\/a><\/div>\n
It’s unclear whether this reversal will be complete, or if a rejection will happen like during the aforementioned relief rally. If the stablecoin market cap does begin to see an expansion, then it would be a bullish sign for Bitcoin, as it would mean that there is now more capital present in the market in the form of the stables, which may be used to purchase the asset.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $30,400, up 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC continues to move sideways | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from CoinWire Japan on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows the stablecoin market cap has returned toward equilibrium and may be gearing up for a reversal. Here’s how Bitcoin could benefit from this. Aggregate Stablecoin Market Cap Change Has Returned To Equilibrium According to data from the on-chain analytics firm Glassnode, the aggregate stablecoin market cap had previously been in a decline for around 14 months. The “aggregate stablecoin market cap” here refers to the combined market cap (that is, the total valuation in USD) of the top five stables in the sector. More specifically, the relevant stablecoins in the current discussion are Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), and TrueUSD (TUSD). The complete supply of these stables is considered here, regardless of how it is distributed among the different blockchains. Related Reading: Bitcoin Rally Stalls As Short-Term Holder Exchange Inflows Intensify Historically, the combined market cap of these assets has held important information for the sector, as it can provide hints about whether capital is flowing into or out of the market right now. To track the flow of capital, Glassnode has looked at the 30-day percentage change in the aggregate market cap of these fiat-tied tokens. Here is a chart that shows the trend in this indicator over the past few years: The value of the metric seems to have approached the zero mark in recent days | Source: Glassnode on Twitter Naturally, when the value of this metric is positive, it means that the top 5 stablecoins have registered net inflows during the last thirty days. On the other hand, negative values imply outflows have taken place in the past month. From the graph, it’s visible that the 30-day percentage change in the aggregate stablecoin market cap was quite positive during the 2021 bull run. This would imply that these assets were constantly seeing an expansion in their supplies in this period. Usually, investors make use of stables whenever they want to escape the volatility associated with other cryptocurrencies. Such holders keep their capital in the form of these assets until they want to buy back into a volatile coin like Bitcoin or withdraw into fiat. Obviously, in the former scenario, the purchasing can have a positive effect on the price of the asset they are shifting into. During bull markets, a ton of capital flows into the sector, which is what helps sustain such rallies. Thus, it’s not a surprise that the stablecoin supply observed expansion during the 2021 bull run. As the bear market began in 2022, however, the indicator’s value decreased toward the zero level, implying that the outflows started to equal the inflows. A confirmed transition toward net outflows then occurred, as the bearish period kicked into full gear. There was a small period during the relief rally in the middle of the year where the 30-day percentage change again approached the zero market. A transition toward inflows, however, failed, and the indicator became negative once more. The negative values have continued until now, meaning that these top stablecoins have been observing net redemptions for 14 straight months. Recently, though, the metric has again neared equilibrium, meaning that there is potential for breaking into the inflows regime. Related Reading: Bitcoin Correlation To Gold, Silver Drops To Cyclical Lows: Glassnode It’s unclear whether this reversal will be complete, or if a rejection will happen like during the aforementioned relief rally. If the stablecoin market cap does begin to see an expansion, then it would be a bullish sign for Bitcoin, as it would mean that there is now more capital present in the market in the form of the stables, which may be used to purchase the asset. BTC Price At the time of writing, Bitcoin is trading around $30,400, up 1% in the last week. BTC continues to move sideways | Source: BTCUSD on TradingView Featured image from CoinWire Japan on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":540314,"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":[428,1119,1144,86402,88525,15241],"class_list":["post-540295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-stablecoin-market-cap","tag-stablecoin-netflows","tag-stablecoins"],"acf":[],"yoast_head":"\nStablecoin Cap Shows Early Sign Of Reversal, Why This Could Benefit Bitcoin<\/title>\n<meta name=\"description\" content=\"The stablecoin market cap has returned towards equilibrium and may be gearing up for a reversal. 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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":"Stablecoin Cap Shows Early Sign Of Reversal, Why This Could Benefit Bitcoin","url":"http:\/\/uniquehot.com\/news\/stablecoin-cap-early-signs-of-reversal-why-goodr-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/stablecoin-cap-early-signs-of-reversal-why-goodr-bitcoin\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/coinwire-japan-iNOavZh6dQ8-unsplash-1-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/coinwire-japan-iNOavZh6dQ8-unsplash-1-scaled.jpg?fit=2560%2C1440"},"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","stablecoin market cap","stablecoin netflows","stablecoins"],"dateCreated":"2023-06-29T12:00:21Z","datePublished":"2023-06-29T12:00:21Z","dateModified":"2024-06-11T08:16:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Stablecoin Cap Shows Early Sign Of Reversal, Why This Could Benefit Bitcoin\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/stablecoin-cap-early-signs-of-reversal-why-goodr-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/stablecoin-cap-early-signs-of-reversal-why-goodr-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/coinwire-japan-iNOavZh6dQ8-unsplash-1-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/coinwire-japan-iNOavZh6dQ8-unsplash-1-scaled.jpg?fit=2560%2C1440\"},\"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\",\"stablecoin market cap\",\"stablecoin netflows\",\"stablecoins\"],\"dateCreated\":\"2023-06-29T12:00:21Z\",\"datePublished\":\"2023-06-29T12:00:21Z\",\"dateModified\":\"2024-06-11T08:16:57Z\"}<\/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\/2023\/06\/coinwire-japan-iNOavZh6dQ8-unsplash-1-scaled.jpg?fit=2560%2C1440","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/540295"}],"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=540295"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/540295\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/540314"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=540295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=540295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=540295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}