According to ChainCatcher, CryptoQuant data showed that stablecoin liquidity grew to a record high of $169 billion at the end of September, a 31% increase year-to-date.

Tether’s USDT market cap increased by $28 billion to nearly $120 billion, accounting for 71% of the market share. Circle’s USDC market cap increased by $11 billion to $36 billion, up 44% year-to-date, accounting for 21% of the market share.

Record amounts of U.S. dollar stablecoins and a surge in large Bitcoin transactions could set the stage for a broader rally in BTC in the coming weeks, keeping October’s bullish seasonality intact.