NYDIG: The total issuance of stablecoins surged after the US election, indicating that new funds are pouring into buying BTC

Odaily Planet Daily Report NYDIG recently studied the fundamentals of the rebound in the Bitcoin and cryptocurrency market, and pointed out that the funding rate of BTC perpetual swap contracts has soared to "the highest level since the ETF-driven rebound in March." It is worth noting that as the BTC price hovers around $90,000, the funding rate has "eased somewhat," although not as "persistently positive" as during the March rebound, but still "above the historical average." In addition, the report pointed out that stablecoins are an important way for investors to "convert cash into cryptocurrencies, especially offshore cryptocurrencies." After the election, the total circulation of stablecoins "increased by $6.2 billion." This indicates that new funds "are pouring in from the off-market to purchase digital assets such as Bitcoin." The report also stated that most stablecoin issuance "comes from USDT rather than USDC, as USDT is the main quote currency for offshore exchanges. Onshore trading venues tend to rely on the US dollar as the quote currency, transferring US dollars to the exchange through traditional banking channels (ACH, wire transfer)." As cryptocurrency prices rise and demand for stablecoins grows, the USDT price "has now turned from a discount to a premium," which again indicates an increase in investor demand for the digital asset ecosystem. (Crowdfund Insider)