Stablecoins being converted into Bitcoin helped push BTC price over $30k
Quick Take
- Bitcoins’ resurgence this year has been down to many factors, but one of the main ones is that stablecoins are being rotated into Bitcoin.
- CryptoSlate has analyzed the depletion of stablecoins on exchanges that ended up being converted into BTC.
- The past few days have seen this resurgence start again, as highlighted by the sharp increase in the stablecoin supply ratio that coincided with the Bitcoin price above $30,000.
![Stablecoins: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2023/04/Stables.png)
![Stablecoins: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2023/04/Stables1.png)
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