According to BlockBeats, on October 9, a record number of US dollar stablecoins and a surge in large Bitcoin transactions may lay the foundation for a broader rise in BTC in the coming weeks, keeping the asset's bullish seasonality intact in October.
Data from CryptoQuant shows that stablecoin liquidity continued to grow to a record $169 billion at the end of September, up 31% year-to-date.
The dominant coins are still Tetherâs USDT, which increased its market cap by $28 billion to nearly $120 billion, accounting for 71% of the market; and Circleâs USDC, which increased its market cap by $11 billion to $36 billion, up 44% year-to-date and accounting for 21% of the market.
Historical trends show a clear correlation between the amount of stablecoins held by cryptocurrency trading platforms (up 20% this year) and the rise in Bitcoin prices. Julio Moreno, head of research at CryptoQuant, said: "The larger the balance of stablecoins in trading platforms, the higher the price of Bitcoin and other cryptocurrencies. Since the official start of this bull market cycle in January 2023, the total amount of USDT (ERC20) in exchanges has grown from $9.2 billion to $22.7 billion (+146%)."
