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22 April 2021

Bitcoin exchanges just saw massive Tether stablecoin deposits

Bitcoin exchanges just saw massive Tether stablecoin deposits


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Nearly half a billion in Tether inflows was recorded on April 8 across major Bitcoin (BTC) exchanges, based on Glassnode's data.

There are two major on-chain metrics that often signal a bigger Bitcoin rally is forming: BTC outflows and stablecoin inflows.

The All Exchanges Stablecoins Ratio (ESR), for instance, which divides all Bitcoin reserves on exchanges by stablecoin reserves, is rising once again, suggesting that investors could be re-entering the market.

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cointelegraph.com
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