Record $9.7B stablecoin inflows could drive Bitcoin to $100K
Stablecoin flows to cryptocurrency exchanges have reached a record monthly high, signaling increased investor interest in the crypto market. The surge could position Bitcoin to reach the $100,000 milestone before the end of November.
Stablecoin inflows to crypto exchanges hit a new monthly high of over $9.7 billion.
This could signal an uptick in crypto investor demand, according to Leon Waidmann, head of research at The Onchain Foundation, who stated in a Nov. 21 X post:
“Stablecoin inflows to exchanges hit $9.7B in 30 days! The LARGEST monthly inflow EVER. Stablecoin liquidity is back. Speculative demand continues to explode!”
Stablecoin net inflows to exchanges. Source: Leon Waidmann
The record monthly stablecoin inflows could put Bitcoin ( BTC ) on track to $100,000 before the end of November , historically the most bullish month for BTC returns.
Growing stablecoin inflows to crypto exchanges can signal incoming buying pressure and growing investor appetite, as stablecoins are the main on-ramp from the fiat to the crypto world used by investors.
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Can record stablecoin inflows push Bitcoin beyond $100,000?
Growing stablecoin inflows can significantly impact the price of the world’s first cryptocurrency.
Back in August, Tether minted $1.3 billion worth of USDt ( USDT ) from Aug. 5, when Bitcoin price bottomed at a five-month low of above $49,500 before starting to recover. Bitcoin staged an over 21% recovery to above $60,200 from Aug. 5 to Aug. 9, as Tether’s $1.3 billion bolstered BTC price.
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Some analysts expect Bitcoin to reach $100,000 before the end of the month, including Ryan Lee, chief analyst at Bitget Research, who told Cointelegraph:
“If history repeats itself and Bitcoin prices grow as projected, a 14.7% from the current price level will push the coin well above the $100,000 target for the month. The post-halving cycle trend is also very positive when projecting the future of Bitcoin.”
Bitcoin ETF Flow (USD, million) Source: Farside Investors
Spot Bitcoin exchange-traded fund (ETF) inflows also continue supporting Bitcoin’s price appreciation. The US Bitcoin ETFs amassed over $773 million worth of cumulative net positive inflows on Nov. 20, marking the third green day in a row, Farside Investors data shows.
The US Bitcoin ETFs recorded their sixth consecutive week of net positive inflows after amassing over $1.67 billion in the trading week of Nov. 11–15.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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