Whales Unleash $30B in Stablecoin Liquidity for October Rally
Stablecoins have been a major source of liquidity in the crypto market this September, with whales shifting $30B into the market over the past 30 days. This influx of stablecoins followed outflows in early August and coincided with Bitcoin's recovery above $85,000.
The latest on-chain data shows a 40% increase in deposits above $1M sent to Binance, indicating that whales are taking advantage of the trend shift and positioning themselves for an October rally. However, allocation remains cautious due to global uncertainty and growing bond yields.
Stablecoin inflows to Binance expanded from around $26B to over $30B in September, with some outflows shifting into derivative markets. The market recovery is still tentative, as Binance stablecoin reserves fluctuated in the past month, peaking at $43.8B on September 8.