Two weeks ago, the funding situation brought bad news, causing unease for a week. However, last week brought good news: the total market value of stablecoins was increased by 800 million USD, with a net inflow of 500 million USD of USDT into the Binance exchange, possibly indicating bottom fishing.
BTC saw a net outflow of 19,000 BTC from exchanges. This is the first large net outflow since over 30,000 BTC net inflow in December. It feels like a batch of funds has been turned over. Additionally, BTC contract positions have increased, with CME positions also rising.
Recently, the Bitcoin ETF is approaching, but it has already increased significantly, leading to substantial market analysis and considerable fluctuations in the funding situation.
Total market value of stablecoins.
In the past week, the total market value of stablecoins increased from 124.9 billion to 125.7 billion, with a net issuance of 800 million USD. USDT increased from 90.8 billion to 91.3 billion USD, with an issuance of 500 million USD. USDC increased from 24.6 billion to 25 billion USD, with an issuance of 400 million USD. In other stablecoin aspects, mainly TUSD's market value decreased. Two weeks ago, the total market value of stablecoins decreased by 300 million USD, combined with the market's FOMO sentiment, causing concern. However, in the past week, stablecoins were issued again, and funds net flowed in, which can slightly alleviate this concern.
The inventory of stablecoins at the exchanges.
The situation of stablecoins within exchanges: last week on Binance exchange, USDT increased from 19.7 billion to 20.2 billion, with a net inflow of 500 million USD. USDC decreased from 720 million to 690 million, with a net outflow of 30 million USD. Fuusd increased from 1.6 billion to 1.74 billion USD, with a net inflow of 140 million USD. Overall, the net inflow of stablecoins on exchanges last week was approximately 600 million USD.
At the OKX exchange, USDT decreased from 4.9 billion to 4.8 billion USD, with a net outflow of 100 million USD. USDC and TUSD did not have significant changes.
BTC/ETH inventory at exchanges.
In the past week, the inventory of BTC on exchanges decreased from 2.38 million to 2.361 million, with a net outflow of 19,000 coins. Meanwhile, ETH decreased from 14.18 million to 14.13 million coins, with a net outflow of 50,000 coins; the changes were not significant. Importantly, BTC saw another large net outflow, alleviating the significant inflows since December. It may be a large-scale turnover of chips.
BTC contract positions.
BTC contract positions have increased again. Specifically, with the rise in BTC prices on Monday, the contract positions increased from 17.5 billion to 19.5 billion USD, an increase of 2 billion USD, which will subsequently decline again; the current contract positions stand at 18.9 billion USD. CME positions follow the same pattern as the overall TCT contract positions, starting again with a significant increase on Monday, with a total increase of 900 million USD in positions.
