Stablecoin rotation into Bitcoin helped fuel the leg up to $29K

quick take

  • latest bitcoin The surge to $29,000 was aided by stablecoin rotation to Bitcoin.
  • According to the stablecoin supply ratio, the oscillator rose to 1.9 this week and fell to 1.7.
  • Exchange stablecoins are approaching $20 billion, the same level as in April 2021.
  • Around $1.5 billion worth of stablecoins flew from exchanges in April, far less than about $10 billion in the previous month.
SSR: (Source: Glassnode)
Exchange Balance: (Source: Glassnode)
Exchange Balance: (Source: Glassnode)

It fueled the leg up to $29K that first appeared on CryptoSlate after the rotation from Stablecoin to Bitcoin.

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