Digital assets are moving away from exchanges and into cold wallets amid a rise in bearish activity on the cryptocurrency market. The situation with Bitfinex’s stablecoin inflows, however, is quite different. According to onchain data provider Glassnode, the exchange’s Tether (USDT) holdings broke a new record on November 29 and surpassed $11 billion.
This sum accounts for a sizable portion of the total USDT share held by significant cryptocurrency exchanges, which is estimated to be worth around $18 billion at the time of writing. 60% of the stablecoin’s total supply is held by exchanges, with nearly $30 billion of Tether spread across cold wallets.
Binance exchange had over $5.5 billion worth of USDT on hand as well, but decided to trade half of it for BUSD.
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With the exception of Binance USD, the present turbulence in the cryptocurrency market has had a detrimental effect on the price of all stablecoins. By de-pegging by 1-2% from the dollar rate, the USDT, USDC, GUSD, and DAI indicate growing anxiety and uncertainty.
Data shows that a total of $20 billion is held across all exchanges in the Binance dollar (BUSD), whose value has held steady throughout the turbulence. Nearly all $20 billion is held by Binance, and $50 million of the total supply of BUSD is held by Crypto.com.
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Stablecoin inflows are viewed by analysts as a short-term stimulus for cryptocurrency price growth. Bitfinex’s spike in stablecoin inflow could be a sign that money is returning to the exchange as cryptocurrency users scour the internet for a secure exchange to swap their funds.
Stablecoins like the Binance dollar (BUSD) and Tether (USDT) have become important trading tools for funding deposits into exchanges for digital assets. As a result, a stablecoin’s increased volume on an exchange indicates that its users have more purchasing power.
The Glassnode data below shows that BUSD holdings on Crypto.com had a sharp increase in November. This demonstrates that despite the collapse of FTX, the wallet is devoted to exponentially growing its order books.
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