Nearly half a billion in Tether inflows was recorded on April 8 across major Bitcoin (BTC) exchanges, based on Glassnode’s data.
Considering that the inflows, the biggest since mid-March, coincided with a minor Bitcoin pullback, it indicates that buyers could be waiting to step in following BTC’s price drop.
Stablecoin deposits into exchanges. Source: GlassnodeIs a broader Bitcoin rally brewing?
There are two major on-chain metrics that often signal a bigger Bitcoin rally is forming: BTC outflows and stablecoin inflows.
Stablecoin inflows occur when traders deposit their sidelined funds to exchanges to buy back into cryptocurrencies.
Meanwhile, large BTC outflows typically happen when high-net-worth investors withdraw their Bitcoin from exchanges to self-hosted wallets, which often suggests their intention to hold for the long term.
In one hour, more than $476 million worth of stablecoin deposits were spotted on exchanges. According to Lex Moskovoski, the CIO of Moskovoski Capital, this demonstrates that there is no shortage of capital waiting to buy Bitcoin dips.
“$476M USDT deposited