According to the on-chain data disclosed by Glassnode, the trading volume of cryptocurrency spot and derivatives has increased in the past week. At the same time, the exchange balance of stablecoins has also increased for the first time since January 2023. The indicator is estimated to have increased by about $600 million after the US dollar.
However, the analysis believes that although the data on the chain shows that stablecoins may switch to Bitcoin, the conversion between stablecoins and Bitcoin does not necessarily mean that new liquidity funds are being injected into the encryption ecosystem.