Stablecoin growth wasn’t enough to pump btc 😢

According to BlockBeats, CryptoQuant founder and CEO Ki Young Ju recently stated that although the supply of stablecoins continues to grow, this increase is not enough to create significant buyer liquidity and drive up Bitcoin (BTC) prices. The current Bitcoin-to-stablecoin exchange reserve ratio, which measures the amount of Bitcoin held by exchanges relative to stablecoins, indicates that exchanges hold approximately six times more BTC than stablecoins.In September 2021, the value of stablecoin reserves was $30 billion. Currently, the total market value of stablecoins is around $166 billion. However, only 21% of stablecoins are used for trading purposes on exchanges, a significant decrease from 2021 when over 50% of the total stablecoin supply was held on exchanges for trading. Despite the continuous growth in stablecoin supply, the majority is being used for purposes other than trading in the current market cycle.Ki Young Ju noted the increasing trend of using stablecoins as a store of value or for remittance purposes. According to Chainalysis data, over 50% of remittances sent to Venezuela, Argentina, Brazil, Colombia, and Mexico between 2022 and 2023 were in stablecoins used for storing value. This trend is applicable to all high-inflation regions.