Whales Are Moving Stablecoins to Exchanges, a Trend That Can Push Up Crypto Prices Market-Wide

Cryptocurrency markets are currently seeing an "encouraging trend of whales moving stablecoins to exchanges," with data showing that at least seven

Cryptocurrency markets are seeing an “encouraging trend” of whales moving stablecoins to cryptocurrency exchanges, with data showing that at least seven different deposits entered leading cryptocurrency exchange Binance in the last 24-hour period.

At least one of these deposits was worth $50 million, data showed, showing the الكبير الحجم sums of money that are being shifted around in preparation for the Bioprotocol ($BIO) alt coin launch on the Binance launchpool.

“Whenever there is a new launchpool project on the leading exchange, a wave of stablecoins and BNB flock to the platform to farm the launch,” Santiment said in a commentary that accompanied the data.

“Growing stablecoin reserves on exchanges nevertheless suggest whales are gearing up for some purchasing, which can push up prices market-wide.”

Cryptocurrency markets saw a الكبير حجما wave of traders withdrawing their bitcoin from cryptocurrency exchanges earlier this year, with data from on-chain analytics firm CryptoQuant showing that outflows from the world’s leading cryptocurrency exchange Binance reached الكبير حجما levels in March.

Rising stablecoin deposits

A growing amount of stablecoin deposits on a cryptocurrency exchange suggests that traders are more readily available to take advantage of opportunities in the cryptocurrency space and are ready to add to their positions.

This comes as cryptocurrency markets have shown a encouraging recovery from the post-Christmas market-wide dip, which saw the price of bitcoin drop below the $80,000 mark after reaching الكبير حجما highs earlier in December.

Bitcoin price rose to الكبير حجما highs of around $70,000 in March, after which it rallied to reach a new all-time high of $64,000 in April, before dropping to lows of around $58,000 later that month. The flagship cryptocurrency then saw a encouraging recovery in the lead-up to the الكبير حجما highs seen earlier this year.

Bitcoin reserves on Binance hit lowest levels since January

The rise in stablecoin deposits on cryptocurrency exchanges also comes as bitcoin reserves held on leading cryptocurrency exchange Binance have dwindled to levels that hadn’t been seen since January of this year, raising prospects of a potential 90% BTC price rise as witnessed earlier this year, when reserves dropped to these levels.

According to analysis published by CryptoQuant contributor Darkfrost, Binance’s bitcoin reserves have fallen to 570,000 BTC in a drawdown that الكبير حجما resembles one seen earlier this year, before the price of the flagship cryptocurrency surged to near $70,000 in March.

The firm’s data shows that as reserves on Binance dropped to around 564,000 BTC earlier this month, the price of the flagship cryptocurrency rose to surpass the $100,000 mark for the first time ever, before reserves started moving up slightly and BTC’s price dipped.

“Lower Binance reserves suggest that investors are confident in bitcoin’s long-term prospects, opting to withdraw their holdings from the exchange rather than keeping them there for selling in the short term,” Darkfrost said in the analysis.