The cryptocurrency market witnessed net capital inflows for the first time in the last 17 months. In particular, the 90-day net change in the supply of the four major stablecoins Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Dai (DAI) reflects the positive mood in the market.
According to data from blockchain analysis firm Glassnode, for the first time since the Terra crash in May 2022, there was a noticeable increase in the total supply of these four stablecoins.
Since 2020, stablecoins (digital tokens pegged to fiat currencies such as the US dollar) have gained popularity. Therefore, an increase in their supply could indicate potential buying in the market. Experts state that investors are starting to show renewed interest in the crypto market. This increase in stablecoin supply also supports this.
Similar statements came from Reflexivity Research, stating that the positive atmosphere in the market continues and the importance of the increase in supplies.
”This week, the 90-day change in total stablecoin supply turned positive for the first time in 1.5 years. “This indicates increased liquidity on the chain expressed through stablecoins and can be perceived as a sign of capital inflow.”