Stable discoin deposits decrease, withdrawals rise: Analyst warns of possible consequences for Bitcoin

Stable discoin deposits decrease, withdrawals rise: Analyst warns of possible consequences for Bitcoin

The deposits on stable coin exchanges have recently remained low, while the payments have increased. According to an analyst of Cryptoquant, this could provide information that Bitcoin is at risk. The key figures “StableCoin Exchange withdrawal transactions” and “StableCoin Exchange deposit transactions” pursue the number of withdrawals or deposit transfers from ERC 20 stables. If the withdrawal transactions are high, this could indicate that owners exchange their coins, such as Bitcoin, for stable coins.

On the other hand, high deposits could indicate that investors want to buy volatile assets. In this case, Bitcoin and other cryptocurrencies could experience an upward push. However, a diagram from Cryptoquant shows that only one of these key figures has had a high value lately. The deposits were relatively low, which indicates that there may not be enough demand to convert stables into other assets at the moment.

The analyst also marks other similar cases in the past. It seems that the BTC price generally increases after an increase in the stable co-payments, while the withdrawals are low. Recently, however, there is only an increase in stable covers, which indicates that investors take these tokens away from the stock exchanges and probably keep their own storage in the long term.

Since there are no deposits that could counteract this, the BTC Prize has been struggling lately. If this trend continues and more stable covers, the cryptocurrency could suffer one blow at short notice.

At the time of writing this article, Bitcoin is traded at around $ 30,200, which corresponds to an increase of 1 % last week. However, it remains to be seen how the StableCoin deposits and withdrawals develop and how this will affect the Bitcoin price.