Investors are targeting stablecoins, as they expect mass Bitcoin activity which will be initiated due to the SEC’s upcoming verdict concerning spot Bitcoin ETF.
10th January of this year is set to approve the first-ever ETF that will be directly following a hike by Bitcoin’s price, creating waves in the cryptocurrency market.
Inflows of Stablecoin to exchanges normally indicate increased buying power, and the recent upswing marks that traders are anticipating market fluctuations.
This corresponds to the “extreme greed” measure in Crypto Fear and Greed Index, which suggests increased investor demand.
Thus, a growing stablecoin market cap ratio is also mentioned by independent analyst Cole Garner in favour of the anticipation for “a bullish Bitcoin ETF outcome.”
Bitcoin’s price has already reacted climbing during the past 24 hours. With the SEC’s ruling approaching, traders prepare for an unstable week.
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