Stablecoin liquidity has continued to grow to a record $169 billion as of late September, indicating a 31% year-to-date increase, which can act as a catalyst for crypto purchases.
There's a notable correlation between increased stablecoin balances on exchanges and rising Bitcoin prices, highlighted by a 146% increase in USDT on exchanges since January 2023.
The increase in large transactions on the Bitcoin network, along with a significant uptick in on-chain volume, further indicates potential for a bullish Bitcoin rally in the coming weeks.
Tether's USDT continues to dominate the market with a 71% share, while Circle's USDC has seen substantial growth, emphasizing the importance of stablecoins in the crypto ecosystem.
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