Stablecoin Outflows Suggest No Bull Market on Horizon for Crypto

Jiang Zhuoer, the founder of Liebit Mining Pool (B.TOP), has observed that stablecoins in the crypto market are continuously flowing out. The total market value of stablecoins decreased over the past month, with USDT dropping from $184.2 billion to $183.1 billion and USDC falling from $73.28 billion to $72.15 billion.

This reduction totals $2.23 billion. According to Jiang Zhuoer, there are no signs of a bull market starting in the funding situation. He predicts that Bitcoin may rebound to the range of $68,000 to $70,000 but will then experience a final drop after squeezing out shorts.