Bitcoin’s next bull run may have a USDC connection, here’s ‘how’

ambcrypto.com:

Bitcoin’s [BTC] next bull run could depend on how well USDC would flow into exchanges, according to the CryptoQuant CEO Ki Young Ju.

The investor noted that the stablecoin played a crucial role in BTC’s future because a chunk of institutional investors held more USDC than any other stablecoin.

Young Ju noted that organizations, including Goldman Sachs, BlackRock, and Fidelity held USDC. However, about 94% of these holdings were held in wallets off exchanges.

For now, 94% of the USDC supply is outside exchanges, some of which are owned by TradFis like BlackRock, Fidelity, Goldman Sachs, etc.

They'll move when they get orders from their clients. pic.twitter.com/Bqenvgugw1

— Ki Young Ju (@ki_young_ju) October 7, 2022

In related developments, it may seem that investors may have paid attention to Young Ju’s call. This was deduced from the data per the USDC exchange supply ratio. According to CryptoQaunt, the supply ratio of the stablecoin has been increasing since 30 September.

Despite retracing on 3 October, it was back up on the charts. At press time, the USDC exchange supply ratio was 0.0656. This implied that some big-wig investors had reserved more of the stablecoin on exchanges in the last few days.

Source: CryptoQuant

Here’s AMBCrypto’s Price Prediction for BTC for 2022-23

The recent uptick in this regard, however, may not be surprising. According to the whale tracking platform Whale Alert, this was because over $200 million worth of USDC had flown into exchanges in the last 24 hours.

Furthermore, the platform also noted that exchanges, including Binance, FTX, Coinbase, and Huobi, were beneficiaries of