Signs of 'buying the dip' in stablecoin data?
Santiment_Official
While the market was still reeling from the September 2nd crash, a number of on-chain metrics pointed to a concerted effort by stablecoin holders to ‘buy the dip’ and re-enter the market at a discount.
In particular, the** amount of top stablecoins (USDT, USDC, BUSD, DAI) moving to exchanges** ballooned across the board, suggesting a surge in buy-side pressure shortly after the market correction:
_“As Bitcoin fell below $10500 for the first time in 40 days, Sanbase recorded a string of major spikes in the flow of ERC-20 Tether to known centralized exchange wallets, with __**1.087 billion USDT moving to exchanges **__in a 24-hour span”_
At the same time, we’ve seen a **simultaneous decline** in the collective balances of large stablecoin addresses, signaling renewed whale activity after months of stable accumulation.
What can this mean for the market, and what should you look out for in days to come? Read all about it here: [https://tinyurl.com/yx8oyvhn](https://tinyurl.com/yx8oyvhn)