Crypto Markets Analysis: Stablecoin supplies on smart contract platforms continue to trend downward, but the smart contract index has maintained a solid performance. GWilliamsJr_CMT reports
Stablecoin movement on or off of smart contract platforms may hint at where the latter are headed.
The SCPX, aggregates the performance of seven digital assets within the smart contract platform sector. Ether represents 82.5% of the index, while the remaining six assets compose the remaining 17.5%. The recent flurry of activity surrounding the potential approval of a spot bitcoin ETF has boosted BTC relative to other digital assets, and understandably. BTC has improved 13% versus ETH since June 6. ETH as an individual asset has risen 3% over the same time period.
The metric tallies the balances of USDT, USDC, BUSD, and DAI, showing their separate and aggregate impacts. Stablecoin supply increases indicate growing demand for smart contracts usage, which would be bullish for assets with the SCPX. Lessening supply would indicate the opposite.
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