Flows of USDC owned by TradFi institutions to exchanges could spark the next Bitcoin parabolic bull run, according to CryptoQuant CEO Ki Young Ju
Cryptoquant CEO Ki Young Joo has pointed to a new indicator to mark the next Bitcoin (BTC) parabolic bull run. one in TweetThe analyst added that the bull market could start when the USD Coin (USDC) dollar-based stablecoin is heavily inflows into the 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 clients from these institutions place orders to deploy USDC, the off-exchange tokens will be deployed to the market, potentially sparking a bull rally, Xu 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.
Binance USD (BUSD) is clearly rising on the exchanges – despite the bear market with 70% of the supply on the exchanges. This may indicate that crypto-natives are hoarding some coins. At the same time, Tether[यूएसडीटी]25% of the supply is on the exchanges.
Bitcoin on-chain activity making analysts optimistic
The CEO recently noted that investors have been accumulating and waiting out the market downturn — pointing to the fact that old Bitcoins now account for 74% of the realized market cap.
Meanwhile, bitcoin’s hash rate is another on-chain metric that points to strong investor confidence. The bitcoin hash rate – a measure of the amount of computing power devoted to securing the network – has exceeded 90% in the past 12 months. information From YCharts.
