US Bitcoin Holdings Decline by 11% While Stablecoin Supply Reaches All-Time Highs, Reports Glassnode
Glassnode, an on-chain analysis platform, has shared insightful observations on current crypto trends. Recent data suggests that US entities now hold 11% less Bitcoin compared to their holdings in 2022. Conversely, investors actively participating in Asian trading hours have seen a notable 9.9% increase in their Bitcoin holdings, signaling a shift from the previous bullish trend observed during the 2020-2021 cycle.
Glassnode also highlighted significant developments in the stablecoin market. The supply of Tether (USDT) has reached record highs, indicating increased usage and demand. On the other hand, stablecoins like USD Coin (USDC) and Binance USD (BUSD) have experienced a decline in supply, reflecting reduced US capital activity in the digital asset space.
In addition, Glassnode referenced recent exchange on-chain data, revealing a notable decrease in demand since April. While stablecoin inflows outweighed those of Bitcoin (BTC) and Ethereum (ETH) in Q1, the ongoing market correction has led to larger inflows of Bitcoin and Ethereum, assumed to be sell-side transactions, relative to stablecoins.
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