Blockchain analytics firm Santiment confirms how crypto exchanges are seeing the largest hourly inflow of stablecoins. Of course, this year despite the recent correction and consolidation in the markets.
According to Santiment, crypto exchanges record a massive inflow of stablecoins like Tether (USDT) and Circle’s USD Coin (USDC).
So, Santiment explains better.
“The largest 1-hour Tether inflow to exchanges of the entire year occurred Thursday…”
“At 8 am UTC, over 771.6 million USDT was transferred to exchanges…”
“Then, just 6 hours later, 454 million USDC was then transferred to exchanges, a 4-month high of its own.”
More so, after bitcoin’s correction from $69,000 to below $56,000, Santiment notes the level of Bitcoin discussion online is at a lower rate.
Furthermore, Santiment continues.
“With altcoins booming for the majority of 2021, even through major volatility stretches,..”
“Bitcoin is now being discussed at about half the rate it was five months ago…”
“15% of discussions on crypto platforms are related to BTC now vs. 30% in mid-June.”
Also, while considering altcoins, Santiment notes one defying the trend of crypto correction. As per Santiment, metaverse-focused Sandbox (SAND), having about 50% increase in the last week.
“Sandbox is currently at $4.32, defying much of the rest of the market-wide correction that has…”
“happened this week. SAND’s realized profit/loss is beginning to neutralize again and…”
“has historically been an extremely accurate leading indicator.”
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