Crypto analyst Arndxt recently expressed his opinion that the most critical indicator in the current cryptocurrency space is the total supply of stablecoins, and pointed out that this indicator is showing some positive signs.
Since Bitcoin broke through all-time highs in March, the supply of Tether (USDT), USDCoin (USDC), and DAI has increased by 14%, 13%, and 12% respectively, while the supply of PayPal USD (PYUSD) has surged by 300%, with the main growth on the Solana network. However, overall stablecoin supply grew by only 2% due to the 17% and 42% declines in BUSD and USDP supply. Arndxt expects that as Treasury yields decline, investors may allocate more funds to risky assets, including cryptocurrencies, further driving the stablecoin supply up. He believes that if this trend continues or accelerates, the total stablecoin supply could break through all-time highs in the coming months, which could herald a rise for Bitcoin and the crypto market as a whole.
Data: Falling Treasury yields will drive up the supply of stablecoins, thus prompting a new round of gains for BTC
2024-08-26 03:00:47
Crypto analyst arndxt recently published opinion opinion currentdesk3cryptocurrencydesktopCrypto News
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