Bitcoin Fuel: Exchanges See 2nd Most Stablecoin Inflows Ever

Cryptocurrency exchanges witnessed their second-highest weekly stablecoin inflows ever as investors flocked to buy the dip in the cryptocurrency market

Stablecoins are cryptocurrencies that are pegged to the value of a fiat currency, such as the US dollar, and have low volatility

According to data from CryptoQuant, exchanges saw a total of $1.04 billion worth of stablecoin inflows over the past week, the second-highest weekly total on record.

The inflows were likely driven by investors taking advantage of the recent dip in the cryptocurrency market to buy Bitcoin and other cryptocurrencies at a discount.

The largest stablecoin inflow was seen on Binance, which saw $442 million worth of inflows. Other major exchanges also saw significant inflows, including Coinbase ($236 million), FTX ($152 million), and KuCoin ($103 million).

The inflows suggest that investors are still bullish on the long-term prospects of Bitcoin and other cryptocurrencies, despite the recent market volatility.

Stablecoins have become increasingly popular in the cryptocurrency market in recent months, as they offer a way to store value without the volatility of Bitcoin and other cryptocurrencies.

The largest stablecoin by market capitalization is Tether (USDT), which is pegged to the US dollar. Other major stablecoins include USD Coin (USDC), Binance USD (BUSD), and Dai (DAI).

The inflows of stablecoins into exchanges suggest that investors are preparing to buy more Bitcoin and other cryptocurrencies in the near future.