The post Market makers sent $100M in stablecoins to exchanges appeared on BitcoinEthereumNews.com.

Market makers have sent stablecoins to exchanges, increasing liquidity by around $100M. The inflows coincided with a slide in crypto prices, where BTC moved down to the $60,000 range.  Market maker wallets are moving stablecoins to exchanges. Stablecoin inflows may signal new buying opportunities, as crypto prices once again took a step back. In the past few days, the largest market makers topped up their exchange wallets with the potential to affect the market.  Wintermute deposited a total of 42M USDT in the past day, with regular deposits every few hours. The market maker has prepared all of its USDT, and has a small amount of remaining USDC.  The second-biggest depositor was Flow Traders, depositing $34.12M, while withdrawing Bitcoin (BTC). Animoca Brands took out $16.57M USDT out of its wallets, and Carrot_BTC, a known whale, added another $6.9M USDC.  The deposits happened during a week where exchange flows for stablecoins are negative. The past seven-day period saw net negative flows of $316.86M. The recent deposits are part of the trend reversal, where stablecoins return to exchanges and signal buying pressure. Stablecoin reserves on exchanges as a whole remain at $26.13B, with unaccounted reserves on decentralized exchanges and in various yield and lending vaults.  A significant part of the stablecoin supply has moved onto L2 protocols, and some of that liquidity remains fragmented and harder to trace. In total, stablecoins on L2 protocols exceeded $10B in value, with a mix of USDT, USDC and other crypto-backed tokens. Those stablecoins are mostly used on decentralized apps or for meme token trading. Stablecoin volumes grow from USDT, USDC inflows The inflows come at a time when stablecoin volumes are slightly higher, at $55B in total for USDT and USDC, the most widely used assets. There is no way to check if the buying…

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Filed under: News - @ October 10, 2024 9:24 am