It seems that the crypto market can get ready to receive a lot of money.
About $3 billion is ready to flow into the market and pump Bitcoin (BTC), XRP, Monero, and all the other digital assets, according to the latest reports coming from eToro senior market analyst Mati Greenspan.
Money stored in USDT could be turning the market around
In a brand new tweet, Greenspan addressed the position that’s been taken by various traders and analysts who say that the total amount of money that’s currently being stored in a stablecoin could be turning the market around any day now.
Tether (USDT) which is currently the biggest stablecoin in the market has a total market cap of $2.08 billion but, according to The Daily Hodl, whether all this money is sitting still or not is a subject of intense debate.
A Twitter user named Mike Chapman has challenged Greenspan and pointed out that the money that’s been parked in USDT may be virtually nonexistent as the traders are rapidly moving in and out of positions.
The Daily Hodl also reports that the newly activated Bitcoin wallets are already suggesting that more fiat may already be flowing into BTC.
Nearly $3 billion ready to flow into BTC and alts. https://t.co/kWTNCtbyZM
— Mati Greenspan (@MatiGreenspan) April 5, 2019
The market intelligence company Flipside Crypto told Bloomberg a significant number of dormant Bitcoin wallets seem to be springing back to life.
What other people have said. Virtually no money is “parked” in tether, because according to volume metric more than 5x the total coins change hands every day.
— MikeC316 (@Mike_Chapman_) April 5, 2019
“In the prior two weeks, a high number of electronic storage accounts known as digital wallets holding Bitcoin became active, according to market intelligence firm Flipside Crypto. While 40% to 50% of all Bitcoins are usually sitting in wallets that have been inactive from one to six months, the average has been about 10 percent since March 15, the firm found.”
Flipside Crypto co-founder and head of data science Eric Stone said that the numbers confirm a new bullish Bitcoin trend may already have started.
“If you are a crypto optimist, that’s good news. There are more people warming up to the idea of buying Bitcoin.”