1 Total market value of stablecoins
In the past week, the total market value of stablecoins increased from 126 billion to 126.4 billion, an increase of US$400 million. Among them, the total market value of USDT increased by US$2.8 billion, USDC decreased by US$2 billion, and BUSD decreased by US$170 million. Although there has been a large amount of additional issuance of USDT, 78% of it comes from the destruction of USDC and BUSD. But overall, the financial situation is in a good state.
2 The inventory of stablecoins on exchanges
Stablecoins are still in a state of net outflow on major exchanges, with a total outflow of US$2.5 billion, of which USDT has a net outflow of approximately US$700 million, and USDC has a net outflow of approximately US$2 billion. The outflow of stablecoins from exchanges is a bad situation, and the buying power to buy BTC is constantly weakening. Especially USDT, despite the additional issuance of US$2.8 billion, there was still a net outflow.
3 BTC inventory on exchanges
4 Coinbase’s btcusd transaction status
US dollar funds are also a very important financial force. The spread between the btc-usd and binance usdt trading pairs on coinbase, after taking into account the actual exchange rate, I calculated the actual premium. In the past week, there were 4 days of positive premiums and 3 days of negative premiums. In the last 5 days, 3 days have been negative premium. As can be seen with the naked eye, the two recent declines in Bitcoin were both in the US time zone. Therefore, from the perspective of US dollar funds, there is no particularly optimistic data in the past week.
5BTC contract volume
The holdings of the entire BTC network reached a short-term high on the 20th, which is already equivalent to the adjusted contract volume of 2.50,000 in February. But there has been a certain decline this week. However, the long-short ratio of Bitcoin is at 0.84, indicating that the overall market is bearish. Since the market in January, there have been two major adjustments, both of which started to decline after the overall market was bearish.
