Santiment: CEX stablecoin inflows are increasing, signaling a bullish market

2024-12-27 11:54:08

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ChainCatcher news, the cryptocurrency market research agency Santiment stated on social media that after a general decline in the market during Christmas, an encouraging trend has emerged in the cryptocurrency market—whales are transferring stablecoins to trading platforms.

According to Santiment's CEX deposit dashboard, in just the past 24 hours, there have been 7 deposits of at least $9 million into Binance, with one as high as $50 million (accounting for 2.33% of the total supply).

When the dashboard shows that stablecoin deposits dominate the inflow and outflow of funds on trading platforms, it is usually a strong signal indicating that whales are preparing to buy, which could drive the overall market prices up. Although this does not guarantee that whales will immediately use these funds, it can be seen as a bullish signal as 2024 approaches.

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