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About $ 3 billion is ready and waiting to pump Bitcoin, Ethereum, XRP and cryptoalts, according to eToro Senior Market Analyst, Mati Greenspan.
In a new tweet, Greenspan echoes the position taken by a number of traders and analysts who say that the total amount of money currently stored in stablecoins could turn the market around at any time.
Nearly $ 3 billion ready to be invested in BTC and others. https://t.co/kWTNCtbyZM
– Mati Greenspan (@MatiGreenspan) April 5, 2019
Tether (USDT) is currently the largest stable product on the market, with a total market capitalization of $ 2.08 billion. But the question of whether all this money is really in place remains to be debated.
Twitter user Mike Chapman challenged Greenspan, pointing out that money "stuck" in Tether could be virtually non-existent, with traders coming in and out of their positions quickly.
What others have said Virtually no money is "parked" in the cordon, because according to the metric volume, more than 5 times the total of the coins change hands every day.
– MikeC316 (@Mike_Chapman_) April 5, 2019
Newly activated Bitcoin portfolios suggest more fiat can already flocking into BTC. Market Information Company Flipside Crypto told Bloomberg that a significant number of dormant Bitcoin portfolios were coming back to life.
"In the previous two weeks, a large number of electronic storage accounts known as digital wallets containing Bitcoin have become active, according to market intelligence company Flipside Crypto. Although 40% to 50% of all Bitcoins are typically sitting in inactive portfolios of one to six months, the average is about 10% since March 15th, the firm said. "
According to Flipside's co-founder Crypto and head of data science Eric Stone, the numbers confirm that a new uptrend in Bitcoin may have already begun.
"If you're an optimistic crypto, that's good news. More and more people are ready to buy Bitcoin. "
Flipside CEO Dave Balter sees a systemic trend of increasing support for the emerging asset class. He added that the number of digital portfolios thawed after the long cryptographic winter is far more important than the information on Bitcoin's dishonest whales deflating the price of the BTC.
"We find that this movement is much more valuable than some whale movements in October. This probably means a change in perception or confidence in this asset class. "
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