Amid the market turmoil stemming from the collapse of FTX/Alameda, stablecoins have experienced increased interest as seen by trading volumes and on-chain activity.
After a bearish several weeks for risk assets culminating in a particularly aggressive sell-off following Federal Reserve Chairman Jay Powell’s remarks in Jackson Hole Friday, Bitcoin is again trading below it’s 200-week moving average.
A large institutional seller sparks largest futures liquidations in both BTC and ETH since May 19, 2021. SOL led the way, BTC and ETH held up, while DeFi and altcoins underperformed.
The stablecoin market is moving, with flows exiting USDC and entering USDT in a reversal of previous trends, an indication of a risk-on market with resumed offshore activity.
Following market-moving comments from Tesla CEO Elon Musk over the last week, BTC, ETH, and the broader cryptocurrency market began a slide that became a significant correction this week