An analyst has explained how this Bitcoin correction phase may be different from the 2024 one, based on the data of this on-chain metric.
Stablecoin Supply Is Displaying A Different Pattern In This Bitcoin Downturn
In a CryptoQuant Quicktake post, an analyst has shared about how the latest trend in the stablecoin circulating supply has been looking. “Stablecoins” are cryptocurrencies that track the price of a fiat currency, with USD being by far the most popular choice. These tokens run on multiple networks, but in the context of the current topic, only the Ethereum-based ones are of interest.
Stablecoins are, by nature, relatively ‘stable’ in value, so the investors generally buy into these coins whenever they want to avoid the volatility associated with assets like Bitcoin.
Holders who invest into stables, though, usually plan to eventually go back into the volatile side of the sector. For if they didn’t, they would have…
