The recent Bitcoin pump to $29,000 was helped by the rotation of stablecoins into Bitcoin.
According to the stablecoin supply ratio, the oscillator pumped this week to 1.9, going as low as 1.7, which shows the rotation that fuelled the leg up to $29,000.
Stablecoins on exchanges are approaching $20B, the same levels as April 2021.
The month of April saw almost $1.5 billion worth of stablecoins leaving exchanges, a much smaller amount than the previous month in March of almost $10 billion.
SSR: (Source: Glassnode)Exchange Balance: (Source: Glassnode)