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Share link:In this post: Wintermute sent 42M USDT to Binance. Stablecoin inflows to exchanges and reserves are still low, traders watch for signs of inflows. FDUSD printing accelerated in the past two days, signaling potential price moves on Binance.
Market makers have sent stablecoins to exchanges, increasing liquidity by around $100M. The inflows coincided with a slide in crypto prices, where BTC moved down to the $60,000 range.
Market maker wallets are moving stablecoins to exchanges. Stablecoin inflows may signal new buying opportunities, as crypto prices once again took a step back. In the past few days, the largest market makers topped up their exchange wallets with the potential to affect the market.
Wintermute deposited a total of 42M USDT in the past day, with regular deposits every few hours. The market maker has prepared all of its USDT, and has a small amount of remaining USDC.
The second-biggest depositor was Flow Traders, depositing $34.12M, while withdrawing Bitcoin (BTC). Animoca Brands took out $16.57M USDT out of its wallets, and Carrot_BTC, a known whale, added another $6.9M USDC.
The deposits happened during a week where exchange flows for stablecoins are negative. The past seven-day period saw net negative flows of $316.86M . The recent deposits are part of the trend reversal, where stablecoins return to exchanges and signal buying pressure. Stablecoin reserves on exchanges as a whole remain at $26.13B, with unaccounted reserves on decentralized exchanges and in various yield and lending vaults.
A significant part of the stablecoin supply has moved onto L2 protocols, and some of that liquidity remains fragmented and harder to trace. In total, stablecoins on L2 protocols exceeded $10B in value, with a mix of USDT, USDC and other crypto-backed tokens. Those stablecoins are mostly used on decentralized apps or for meme token trading.
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Stablecoin volumes grow from USDT, USDC inflows
The inflows come at a time when stablecoin volumes are slightly higher, at $55B in total for USDT and USDC, the most widely used assets. There is no way to check if the buying has already started, or if the market makers are waiting for a bigger dip.
USDT and USDC were the stablecoins with the biggest net inflows in the past month. Other stablecoins like DAI have bigger shifts in their supply, due to the almost constant generation and burns. USDT increased its supply by a net 792M tokens.
USDC was a leader in new growth, boosted by minting more stablecoins on Base. In the past 30 days, USDC had a net increase of $959.4M.
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