• 목록
• 답변
• 글쓰기
• 게시판 리스트 옵션
  • 수정
  • 삭제

Analysts say a "higher than regular inflow of stablecoins to exchanges is only one sign that traders are preparing for the following leg of the Bitcoin rally.

Bitcoin (BTC) is down 0.5% over the last 24 hours to commerce at $89,077, 4.5% beneath its $93,434 all-time high.

Despite this pullback, optimism around a attainable crypto-pleasant Donald Trump administration, rising stablecoin inflows into exchanges, steady inflows into the spot Bitcoin alternate-traded funds (ETFs) and several other onchain indicators counsel that the bull market shouldn't be over.

High stablecoin inflows to fuel Bitcoin rally

Bitcoin’s 17% uptick during the last seven days was accompanied by an influx of stablecoins into cryptocurrency exchanges, according to knowledge from market intelligence firm CryptoQuant.

"Stablecoins coming into spot exchanges act as gasoline out there," mentioned pseudonymous CryptoQuant analyst theKriptolik in an perception note on Nov. 15.

To verify whether Bitcoin’s bull run will proceed, the analyst examined the number of stablecoins getting into spot exchanges and found that "there is a continuation of a higher-than-normal inflow of stablecoins."

ERC-20 stablecoin flows into exchanges. Source: CryptoQuant

Historically, worth rallies have been preceded by large-scale inflows of stablecoins to exchanges. For instance, the 2021 bull run was preceded by an inflow of stablecoins that occurred between September 2020 and February 2021.

Most not too long ago, excessive stablecoin inflows into spot exchanges occurred between January and early March this year, leading to a rally that saw Bitcoin’s value break earlier all-time highs earlier than the Bitcoin halving.

If stablecoins proceed flooding exchanges, it might indicate investors’ intention to buy, including to BTC’s demand-facet stress.

Demand for Bitcoin stays high

The crypto neighborhood believes that Trump’s second term as president of the United States could usher in a brand new era for the crypto market.

In a observe to traders, QCP Capital expressed confidence that the underlying energy in Bitcoin represents a "systematic shift in the market in anticipation of Trump’s return to workplace."

The crypto community is now trying forward to Trump’s fulfilment of his campaign guarantees and their doable implications, blockchain network activity QCP Capital added.

Meanwhile, the Coinbase Premium Index, a metric that tracks the Bitcoin worth distinction between Coinbase and Binance, has hit its highest degree since April, indicating strong US demand.

The chart below reveals that as Bitcoin stormed past $90,000 to set a brand new all-time excessive at $93,434, United States demand surged, pushing the Coinbase Premium Index to 0.13, ranges last seen on April 14.

Bitcoin Coinbase Premium Index. Source: CryptoQuant

Increasing demand is evidenced by massive inflows into US-based mostly spot Bitcoin ETFs, with greater than $4.7 billion being poured into these funding products after the US presidential election between Nov. 6 and Nov. 13, as per knowledge from SoSoValue.

BlackRock’s spot Bitcoin ETF (IBIT) accounted for 65.7% of these inflows, seeing greater than $3.09 billion in internet inflows over the identical time period.

Total spot Bitcoin ETF flows. Source: SoSoValue

Despite greater than $400.7 million being withdrawn from spot Bitcoin ETFs on Nov. 14, BlackRock’s IBIT nonetheless experienced more than $126.5 million in inflows, suggesting demand for this ETF remains high.

Now, traders count on that as Bitcoin value grows, spot BTC ETFs will see extra important inflows in the days to return as the market prepares for a brand new crypto period below Trump’s administration.

Bitcoin shouldn't be "overvalued" at current ranges

Despite Bitcoin’s sharp rally during the last seven days, key analysis metrics indicate that BTC remains reasonably priced, raising optimism amongst buyers of a continued upward move.

The market worth realized value (MVRV) ratio is a metric used to indicate whether or not the value is overvalued or not.

Data from CryptoQuant shows that Bitcoin’s MVRV ratio is presently at 2.5, which signifies BTC is not overvalued. That is under the essential overvaluation threshold of 3.5, which alerts that the asset is perhaps nearing a peak.

However, Bitcoin has room for progress at its present degree before it reaches overbought territory, suggesting that the present rally may very well be continued.

Bitcoin MVRV ratio. Source: CryptoQuant

In addition to the MVRV ratio, the onchain realized price bands add one other layer of optimism to Bitcoin’s worth trajectory.

CryptoQuant’s Trader On-chain Realized Price Bands, which observe historic worth traits and realized worth zones, show that Bitcoin can probably attain the higher band at the moment at $104,000 or greater quickly.

The realized price bands mirror the maximum historic valuation ranges, indicating that Bitcoin may enter a new price discovery phase if it breaks by way of them.

Bitcoin trader onchain realized price bands. Source: CryptoQuant

The higher realized worth band was final reached in March when Bitcoin reached its all-time high of round $73,835. This historical price action may mean that Bitcoin is poised for a similar upward, with the $100,000 stage as a practical goal.