BlockBeats News, October 9: A record number of USD stablecoins and a surge in large-scale Bitcoin transactions may lay the foundation for a broader rise in BTC in the coming weeks, keeping the asset’s bullish seasonality intact in October.
Data from CryptoQuant shows that stablecoin liquidity continued to grow to a record $169 billion at the end of September, a 31% increase year to date.
Dominant are still Tether’s USDT, whose market value increased by US$28 billion to nearly US$120 billion, accounting for 71% of the market; and Circle’s USDC, whose market value increased by US$11 billion to reach US$36 billion at the beginning of the year It has grown by 44% so far, occupying 21% of the market share.
Historical trends show a clear correlation between the number of stablecoins held by cryptocurrency exchanges (up 20% this year) and the rise in Bitcoin prices. Julio Moreno, head of research at CryptoQuant, said: “The larger the balance of stablecoins on the trading platform, the higher the price of Bitcoin and other cryptocurrencies. Since the official start of this bull market cycle in January 2023, USDT (ERC20) on the exchange The total amount has increased from US$9.2 billion to US$22.7 billion (+146%).”