Crypto investors have started depositing stablecoins in centralized exchanges, showing potential bullish momentum for Bitcoin and altcoins.
According to data provided by Santiment, the total exchange net inflow of the top three stablecoins — Tether (USDT), USD Coin (USDC) and Dai (DAI) — reached $141.2 million in the past 24 hours.
BTC price, stablecoin exchange net flows – Sept. 10 | Source: Santiment
USDT alone saw a net inflow of $101.95 million, followed by USDC’s $34.87 million, per data from Santiment. DAI, the third-largest stablecoin by market cap, recorded an exchange net inflow of $4.24 million.
The surge in the stablecoin exchange net flows shows increased buyer optimism.
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Moreover, the crypto market witnessed a similar movement on Aug. 22, sending the Bitcoin price above the $64,000 mark and the global cryptocurrency market capitalization reached a local high of $2.36 trillion.
The global crypto market cap surged to $2.09 trillion and the stablecoin market cap is currently sitting at $170.9 billion, according to data from CoinGecko. This category’s daily trading volume also surpassed the $60 billion mark following the bullish momentum.
Bitcoin (BTC) gained 3.8% in the past 24 hours and is trading at $57,250 at the time of writing. Per a crypto.news report, whales have started accumulating BTC and started sending the assets to their self-custodial wallets.
One of the main reasons behind the market-wide bullish momentum is the release of the U.S. Consumer Price Index report, which shows the country’s inflation rate for August.
Notably, the market could potentially go the opposite way if the inflation rate comes higher than the expected 2.6%.
Read more: Japan’s Metaplanet boosts Bitcoin reserves to nearly 400 BTC
