Bitcoin is still attracting potential buyers on the way to $50,000, data suggests.
Exchange users herd stablecoins to accounts
After reaching a previous peak in late December, stablecoin reserves tumbled at the start of 2022 as BTC/USD and altcoin markets fell in tandem to multi-month lows. In recent weeks, however, the trend has reversed, with exchange users sending more to their accounts than at any point in history as of Feb. 9.
As such, liquid capital for potential deployment into cryptocurrencies from exchanges has never been greater.CryptoQuant data analyzes a total of 43 retail and derivatives trading platforms.on the firm's 21 monitored exchanges, the trend is one of continual withdrawals — even after the Bitcoin spot price has increased almost 50% since week three of January.Bitcoin exchange reserves vs BTC/USD chart.
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