There appears to be a big jump in stablecoins like Tether (USDT-USD) and USD Coin (USDC-USD) moving into crypto exchanges, according to data from IntoTheBlock. Tether’s net flow flipped from a $43 million outflow on November 2 to a $218 million inflow on November 4, while USDC also turned around from an $18.5 million outflow to a $33.6 million inflow. Altogether, over $250 million in stablecoins entered exchanges.
This increase in stablecoin deposits is often a signal that traders are getting ready to buy Bitcoin (BTC-USD) and other cryptocurrencies. In fact, the global crypto market cap has already bounced from $2.33 trillion to $2.39 trillion in a day, according to CoinGecko data.
Whale activity has surged, too, with transactions involving at least 100,000 USDT and USDC jumping 187% and 190% to $6.62 billion and $8.93 billion, respectively. This could possibly drive FOMO (fear of missing out) among other investors, according to crypto.news. Indeed, a quick look at Bitcoin’s technical analysis summary below shows that most indicators are pointing towards a bullish price move, which could lend support to the FOMO thesis.
See more BTC technical analysis
USDT Is the Most Traded Token on TON
In a separate development, The Open Network (TONCOIN-USD) (TON) is gaining traction in the crypto world, as its value jumped 134% on a year-to-date basis thanks to frequent project rollouts. Interestingly, CryptoQuant’s latest data showed that USDT is actually the most traded token on the network.
More specifically, TON has facilitated more than 3 million Tether transactions over the past 30 days. This counters the idea that TON is only used for speculative projects, which could make it more appealing to serious investors looking for practical applications.
