[Analysis] "Binance stablecoin holdings hit all-time high... a signal for bull market"
Suehyeon Lee
Summary
- Reported that Binance's stablecoin holdings have set a new record at $31.3 billion.
- Stated that the increase in Binance's stablecoin holdings indicates a positive trend in the market.
- Reported that historically, increases in Binance's stablecoin holdings have shown correlation with Bitcoin price and market uptrends.
As Binance's stablecoin (ERC-20) holdings have reached an all-time high, a general uptrend in the virtual asset (cryptocurrency) market is anticipated.
On the 7th (local time), CryptoQuant author Darkfost said, "Binance's stablecoin (ERC-20) holdings have surpassed $31.3 billion, setting a new record. The increase in stablecoin holdings by Binance, currently the #1 exchange by trading volume, shows a positive trend in the market."
The author added, "Looking at the past, increases in Binance's stablecoin holdings have tended to coincide with or precede Bitcoin (BTC) price increases and overall uptrends in the virtual asset market."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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