Balances of dai (DAI) and USD coin (USDC) on exchanges reached new all-time highs in the past week, according to data from Glassnode.
The increase may be a bullish indicator for the crypto market as a whole if it reflects buyers’ plans to use the two stablecoins to buy more crypto assets.
The balance of dollar-pegged USDC on exchanges reached over $915 million Friday, while the amount of decentralized stablecoin dai on exchanges went above $81 million on Sunday, according to Glassnode.
USDC on exchanges “represents almost $1 billion worth of buying power from USDC alone, poised to move into assets” such as bitcoin, according to Glassnode’s weekly newsletter dated Feb 1. “This high figure should increase investors’ confidence in any dips being quickly bought up, making it a bullish signal.”
As CoinDesk reported Tuesday, some analysts see several on-chain metrics for bitcoin’s price pointing in a bullish direction in the coming weeks. For example, a decreased amount of…