Recently BTC has continuously retraced downward. According to CoinMarketCap, as of about 12:30 pm today, BTC has fallen below the $40,000 integer mark, quoted at $39,911.7, with a drop of 12.80% in the last 24 hours, and a drop of 31.42% in the last 7 days.
While BTC has retreated sharply from its highs, the total amount of stablecoins held by exchange addresses continues to grow. According to CryptoQuant, the total amount of stablecoin held by exchange addresses reached a record high of $12.198 billion on May 17. It fell slightly the following day to $11.982 billion, still at an all-time high. So far this month, the total amount of stablecoin held by exchanges has been consistently above $10 billion, with a current monthly gain of about 14.36% and a weekly gain of about 9.84%.
However, in terms of the relative increase in exchange stablecoin holdings, the share of their holdings did not change significantly. According to the total stablecoin circulation estimated by DAppTotal statistics, the proportion of total stablecoin held by exchange addresses to total circulation rose from 12.86% at the beginning of the month to the current 13.66%, an increase of less than 1 percentage point.
This implies that the recent absolute increase in exchange-held stablecoins is mainly caused by token issuance increase rather than the surge in trading heat in the secondary trading market, and there is no more data yet to show that funds have entered to bottom out after the drop in coin prices.
It is also worth noting that the net flow of stable coins in exchange addresses has been fluctuating recently, manifesting as a large net inflow and a large net outflow one after another. For example, on May 17, the net flow of exchange-traded stablecoins was about $1.052 billion, and the following day, the net flow was about $216 million. This may indicate an increase in the activity of market funds recently.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/data-exchange-stable-coin-inventory-exceeds-11-9-billion-basically-stable-as-a-share-of-total-circulation/
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