CryptoQuant CEO Ki Young Ju said that the next Bitcoin rally could start soon.
Ju noted that the rally could begin as USDC, a stablecoin pegged to the US dollar, pours into exchanges.
CryptoQuant CEO Thinks Rally Could Start
CryptoQuant CEO, Ju, pointed out a new indicator for the Bitcoin rally.
According to data cited by Ju, 94% of the circulating supply of USDC is located outside the exchanges. A large portion of this supply belongs to traditional financial institutions such as BlackRock, Fidelity and Goldman Sachs.
The next #Bitcoin parabolic bull run might begin when massive $USDC flows into exchanges.
For now, 94% of the USDC supply is outside exchanges, some of which are owned by TradFis like BlackRock, Fidelity, Goldman Sachs, etc.
They'll move when they get orders from their clients. pic.twitter.com/Bqenvgugw1
— Ki Young Ju (@ki_young_ju) October 7, 2022
Ju said that if the customers of these institutions place orders for USDC, the tokens will appear in the markets, which will trigger the Bitcoin rally.
He also pointed out that, unlike USDC, the favorite stablecoin of institutional investors, stablecoins such as BUSD and USDT already continue to flow into exchanges.
Despite the bear market, BUSD continues to flow rapidly to the stock markets. 70% of the total supply is in the stock markets. 25% of the USDT supply is on the exchanges.
However, the Bitcoin hash rate is also increasing. This measurement is also critical in measuring investor confidence. According to data from YCharts, the Bitcoin hash rate has increased by over 90% in the last 12 months.
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