🌎 “Stablecoin Surge Signals Bullish Momentum for Bitcoin and Altcoins”

Crypto investors are increasingly depositing stablecoins in centralized exchanges, indicating potential bullish momentum for Bitcoin and altcoins.

According to data from Santiment, the total exchange net inflow of the top three stablecoins — Tether (USDT), USD Coin (USDC), and Dai (DAI) — reached $141.2 million in the past 24 hours. USDT alone saw a net inflow of $101.95 million, followed by USDC’s $34.87 million. DAI, the third-largest stablecoin by market cap, recorded an exchange net inflow of $4.24 million.

This surge in stablecoin exchange net flows reflects increased buyer optimism. A similar movement was observed on August 22, which pushed the Bitcoin price above the $64,000 mark and raised the global cryptocurrency market capitalization to a local high of $2.36 trillion.

Currently, the global crypto market cap has surged to $2.09 trillion, while the stablecoin market cap stands at $170.9 billion. The daily trading volume for stablecoins has surpassed the $60 billion mark following this bullish momentum.

Bitcoin (BTC) gained 3.8% in the past 24 hours and is trading at $57,250 at the time of writing. Recent reports indicate that whales are accumulating BTC and transferring the assets to their self-custodial wallets.

One of the main drivers behind this market-wide bullish momentum is the release of the U.S. Consumer Price Index (CPI) report, which shows the country’s inflation rate for August. Notably, the market could potentially move in the opposite direction if the inflation rate exceeds the expected 2.6%.