Santiment, a blockchain analytics firm, reports that crypto exchanges saw their largest hourly stablecoin inflows this year amid the recent market corrections and consolidation.
On Twitter, the firm told its 110,000 followers that crypto exchanges saw a record-breaking avalanche of stablecoins this week in the form of Tether (USDT) and Circle’s USD Coin (USDC).
“The largest 1-hour Tether inflow to exchanges of the entire year occurred Thursday. At 8 am UTC, over 771.6 million USDT was transferred to exchanges. Then, just 6 hours later, 454 million USDC was then transferred to exchanges, a 4-month high of its own.”
Following Bitcoin’s correction from $69,000 to below $56,000, Santiment says that BTC is being discussed online at a drastically lower rate than it was in June.
“With altcoins booming for the majority of 2021, even through major volatility stretches, Bitcoin is now being discussed at about half the rate it was five months ago. 15% of discussions on crypto platforms are related to BTC now vs. 30% in mid-June.”
Looking at altcoins, the crypto analytics firm says that one has been going against the trend of a broader crypto correction. According to Santiment, metaverse-focused Sandbox (SAND), which is up nearly 50% in the last week, is defying the markets while flashing a promising on-chain signal.
“Sandbox is currently at $4.32, defying much of the rest of the market-wide correction that has happened this week. SAND’s realized profit/loss is beginning to neutralize again and has historically been an extremely accurate leading indicator.”
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
