TechFlow news, on October 9, according to CoinDesk, two significant signals have recently emerged in the cryptocurrency market: stablecoin liquidity reaching an all-time high and a notable increase in large transactions on the Bitcoin network. These two factors could lay the foundation for a broad rise in Bitcoin (BTC) prices in the coming weeks, potentially sustaining Bitcoin's seasonal upward trend in October.
According to data from CryptoQuant, by the end of September 2024, the total market capitalization of stablecoins reached a record high of $169 billion, up 31% year-on-year. This growth was primarily driven by two major stablecoins: USDT’s market cap increased to nearly $120 billion, accounting for 71%; USDC’s market cap rose to $36 billion, representing 21%. An increase in stablecoin market cap typically indicates more fiat capital entering the crypto ecosystem, preparing for potential large-scale buying.
Chain analysis firm Santiment reported a significant rise in "whale transactions" (large-value transactions) on the Bitcoin network, with on-chain transaction volume reaching $37.4 billion on October 9—the highest level in seven months. Additionally, dormant Bitcoin activity has increased. The rise in whale transactions suggests that large investors are actively participating in the market, while growing large transactions may indicate institutional investors are accumulating Bitcoin, which is generally seen as a bullish signal. The re-circulation of dormant Bitcoin could suggest long-term holders are becoming active again, often associated with improved market sentiment.
