Stablecoins, particularly USDT and USDC, have seen significant growth this year. USDC's recent deposits to centralized crypto exchanges could indicate investors capitalizing on lower cryptocurrency prices. On June 24, USDC's net inflow into centralized crypto exchanges reached a one-year high of $228 million, according to IntoTheBlock’s Head of Research, Lucan Outumuro.
The stablecoin market is increasing, but its ratio to Bitcoin’s market mirrors previous all-time highs, according to CryptoQuant co-founder Ki Young Ju. This suggests that stablecoins have already been used as buy-side liquidity and may not drive the next market upswing without new inflows.
Despite Bitcoin's disappointing trajectory over the past month, experts suggest the formation of a hidden bullish divergence for Bitcoin on the daily RSI, indicating potential for a bullish breakout. Furthermore, Bitcoin's RSI has moved from heavily oversold levels to around 33, suggesting significant potential for growth. The US spot Bitcoin ETF’s minor inflow of $31 million also signals subtle hints of recovery.