2 weeks ago
18
Key takeaways:
- Binance net stablecoin inflow: approximately $6B across March and April.
- Prior period saw $7.6B in net stablecoin outflows.
- Exchange supply ratio: 0.4365.
- Stablecoin transfer event count: 747.1K.
- Current exchange inflow: 3.8M.
- Current netflow: +153.5M.
- $6B in purchasing power is pre-positioned on exchange.
- FOMC April 29 is the most proximate catalyst.
The $7.6B outflow that came back is not new money
Before the $6B inflow story can be read as straightforwardly bullish, the character of that capital matters. The prior period saw $7.6B leave Binance in stablecoins. Then $6B returned. This is not fresh capital entering crypto for the first time. It is liquidity that was already in crypto, went bearish enough to withdraw, became constructive enough to return, but has not yet committed to buying.
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