• On January 30th, 2021, stablecoin withdrawals from exchanges reached $800 million.
• An influx of $230 million of Bitcoin was also seen on the same day, making it the fifth largest inflow in three months.
• Approximately half of the stablecoin withdrawals were BUSD, amounting to $300 million.
On January 30th, 2021, the cryptocurrency market saw a significant influx of Bitcoin, with 10,000 BTC being sent to exchange addresses, resulting in roughly $230 million worth of inflows. This is the fifth largest inflow of Bitcoin in the past three months, and forms a part of the overall trend of increasing Bitcoin activity on exchanges.
At the same time, the market also saw an increase in stablecoin withdrawals from exchanges. Roughly $800 million worth of stablecoins were withdrawn, with almost half of this amount being BUSD withdrawals, amounting to $300 million. This led to a decrease in the overall stablecoin balance on exchanges, which is now sitting at $35.6 billion.
The increase in Bitcoin inflows and stablecoin withdrawals is an indication of a growing appetite for cryptocurrencies, and could be a sign of further growth in the coming months. Investors are likely to be closely monitoring the market to see how these trends unfold in the near future.