USDC Stablecoin Records Highest Net Inflows In A Year On Crypto Exchange

USDC Stablecoin records the highest Net Inflows in a year on crypto exchanges (Photo; Doc. InvestorPlace)

JAKARTA - In recent weeks, the crypto market has undergone various corrections. However, USDC stablecoins show a significant spike in net inflows to centralized crypto exchanges. This could be an indication of strategic purchases by crypto investors taking advantage of lower prices to buy assets.

Menurut temuan terbaru dari Kepala Penelitian IntoTheBlock, Lucan Outrumo, net inflow USDC ke bursa kripto berpusat tertinggi dalam setahun sebesar 228 juta Dolar AS atau sekitar Rp3,7 triliun pada 24 Juni 2024. Lonjakan ini menunjukkan bahwa para investor sedang mendepositikan stablecoin untuk memanfaatkan harga kripto yang lebih rendah.

Stablecoins have experienced significant growth this year. Among these stablecoins, USDT remains a leader, but Circle-backed USDC also shows considerable activity. The surge in USDC deposits could indicate that investors see opportunities to buy assets at a lower price amid market corrections.

Quoted from Crypto Potato, CryptoQuant Co-founder, Ki Young Ju, observed that although the stablecoin market is increasing, the stablecoin ratio to the Bitcoin market reflects the highest level of all time before. Exchange reserve ratios also suggest that stablecoins have been used as purchase side liquidity, meaning stablecoins may not be driving the next market rise without any new flow.

Although Bitcoin has risen nearly 103% over the past year, its trajectories over the past month have been quite disappointing. After some corrections, these crypto assets are trading close to 61,400 US Dollars or around Rp1 billion. However, it is important to understand that this drop could offer market participants a unique long-term buying opportunity.

There are several indications of recovery, including a minor inflow of US$31 million or around Rp508 billion in the US spot Bitcoin ETF, which reversed the week-long trend of outflows.