Over $ 1,200,000,000 worth of Stablecoins deposited on exchanges amid declining crypto market: analyst firm Santiment
Blockchain analytics firm Santiment said crypto exchanges saw their largest hourly inflow of stablecoins this year amid the recent correction and consolidation in the markets.
The company told its 110,000 Twitter followers that on Thursday crypto exchanges saw a record avalanche of stablecoins in the form of Tether (USDT) and Circle’s USD Coin (USDC).
“The largest hour-long influx of Tether to the exchanges of the entire year occurred on Thursday. At 8 a.m. UTC, more than 771.6 million USDT was transferred to the exchanges. Then, just 6 hours later, 454 million USDC was then transferred to the exchanges, a 4-month high in itself. â€
Following Bitcoin’s correction from $ 69,000 to less than $ 56,000, Santiment says BTC is being discussed online at a considerably lower rate than in June.
“With altcoins booming for most of 2021, even during times of major volatility, Bitcoin is now being traded at around half the rate it was five months ago. 15% of discussions on crypto platforms are linked to BTC now up from 30% in mid-June. “
When it comes to altcoins, the crypto analyst firm claims that the trend for a broader crypto correction has been gone. According to Santiment, the metaverse-focused Sandbox (SAND), which rose nearly 50% last week, is challenging the markets while sending out a promising on-chain signal.
“Sandbox is currently at $ 4.32 defying much of the rest of the market-wide correction that occurred this week. SAND’s profit / loss is starting to offset each other again and has always been. an extremely precise leading indicator.
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