CryptoQuant: CEX USDT reserves reach historic high, providing liquidity for the cryptocurrency market

Odaily Planet Daily News - CryptoQuant Research Director Julio Moreno stated that the rise in stablecoin market value over the past few months may contribute to the potential upward trend of Bitcoin and other major cryptocurrencies. The continuously growing market value of stablecoins is a key factor driving up the price of cryptocurrencies, as they provide liquidity to the cryptocurrency market. Data shows that in the past two months, there has been a net inflow of stablecoins into CEX. Moreno said, "The stablecoins on the exchange have grown, and by 2024, CEX's USDT reserves have reached a historic high of $22.5 billion Moreno pointed out that the market value of stablecoins has reached a historic high this year, and "the total market value of stablecoins is positively correlated with the rise in Bitcoin prices. （The Block）