The next Bitcoin bull run could be sparked by a flow of TradFi-held $USDC to exchanges, according to CryptoQuant CEO ki_young_ju BTC USDC
, the analyst stated that the bull run might begin when the dollar-pegged stablecoin USD Coin flows massively into exchanges.
According to data noted by Ju, 94% of the circulating supply of USDC is currently outside of exchanges. This supply is majorly owned by traditional finance institutions like BlackRock, Fidelity and Goldman Sachs, among others. When the clients of these institutions give orders for the USDC to be deployed, the off-exchange tokens will get deployed in the market, likely sparking the bull rally, Ju explained.
He also highlighted in a follow-up tweet that in contrast to the institutional investors' favorite USDC,"crypto-native stablecoins" like BUSD and USDT have continued flowing into exchanges.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Decentralized Social Network's DeSo Token Rallies Amid Stablecoin PlansDecentralized social media’s DeSo token rose 25% after desoprotocol announced plans to integrate Circle’s widespread USDC stablecoin. by realDannyNelson
Read more »
Celsius’ Top Execs Cashed Out $17M in Crypto Before BankruptcyCORRECTION: Former execs Mashinsky and Leon withdrew $17M in crypto before Celsius froze user funds, court documents show; most of CTO Goldstein’s transfers were from one Celsius account to another, according to documents his lawyers provided.
Read more »
Celsius’ Top 3 Execs Cashed Out $56M in Crypto Before BankruptcyNEW: Court documents show that former Celsius execs Alex Mashinsky and Daniel Leon, and CTO Nuke Goldstein withdrew a combined $56 million in crypto from the lender in May, before the lender suspended withdrawals. nikhileshde and sndr_krisztian report
Read more »
Fishing for salmon, game fish on coastal rivers and tributaries to close starting Oct. 8The closure is due to historically low flows in the waterways this summer that have created conditions that limit fish movement.
Read more »
Mexico to file new gun trafficking lawsuit in U.S., foreign minister saysMexico will file a new lawsuit in the United States seeking responsibility for cross-border gun flows after a U.S. judge last week dismissed a separate $10 billion lawsuit against U.S. gun manufacturers, Mexico's foreign minister said on Wednesday.
Read more »