USD Coin (USDC) and Tether (USDT) have recorded dramatic surges in circulating supply since May 2022. Bank of America’s July edition of the Global Crypto & Digital Assets report suggested that the latest surge in cryptocurrency exchange outflows and increased inflows in stablecoins confirm a bullish market strength.
The Recent Update
In that context, two of the leading stablecoins, USD Coin and Tether, witnessed an enormous accumulation surge from a dominant category. A stablecoin group holding 10K – 100K tokens (sharks) confirmed intense accumulation over the past 2-3 weeks. Meanwhile, Bitcoin, for example, noted some price action surges. Nevertheless, a graph showed bulls hesitated to scoop more. Comparing the situations, Santiment stated that the accumulation indicated disbelief in the latest rally plus a reluctance to buy – Wall of Worry. That confirms that the mentioned whale preferred stability to purchase the dip amidst the turbulent times.
The increased stablecoin demand activated the flagship representatives. For example, WhaleAlert reported that Tether resumed minting undertakings despite some hiccups. Tether mined another billion USDT on August 3. That took the figure to 66.41 billion. Meanwhile, that helped maintain its $1 peg.
Moreover, Circle’s stablecoin retained impressive narratives since this year started. Dune analytics’ data on stablecoin volume transfer over the past 30 days indicated that USDC boasts a 52.4% share. Meanwhile, Tether’s share is 20.5%.
Now, most individuals would perceive the stablecoins rise as hesitancy in purchasing more Bitcoin. However, Binance’s CEO Changpeng Zhao does not appear to support such opinions. He trusts the increasing stablecoin supply means bullishness for cryptos (long-term).
The crypto market didn’t see much price action recently, with most assets hovering around price levels seen over the past few days. For instance, Bitcoin has reclaimed the $23K mark after yesterday’s slide. While publishing this blog, Bitcoin changed hands at $23,148.36, surging 0.29% within the past day. The token will hardly extend to new highs, and analysts predict struggles before escaping the downward tendencies. Moreover, buyers should support the market uptrends with massive volumes for sustained actions.
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