With $5.28B Worth Stablecoins Exchanged for BTC, “A Lot of People Purchased the Dip”

In the last 24 hours, $5.28B worth stablecoins have been deposited to various crypto exchanges. Meanwhile, whales have purchased BTC on the dip once more, withdrawing a whopping $791 million from digital trading platforms.

People Purchased the BTC Dip with $5.28B Worth Stablecoins

According to the Moskovski Capital CIO, who shared the graphic, there has been an eye-catching inflow of stablecoins through numerous crypto exchanges over the last 24 hours, marking a new all-time high.

$5.28B of stablecoins were deposited to exchanges in 24h.

This is absolute ATH.

Even bigger than pre-Tesla announcement move.

Lots of people bought the dip. pic.twitter.com/XCKhrxzSAF

— Lex Moskovski (@mskvsk) May 20, 2021

He noted that the stablecoin inflow is also greater than the volume of USD-backed coins deposited before Tesla’s Bitcoin announcement on February 8.

The logical inference is that the crypto market has been purchasing BTC dip with stablecoins.

Within 10 Mins, 20,000 BTC Were Removed from Exchanges

A chart given by famous analytics aggregator Glassnode shows that whales pulled a whopping 19,639 Bitcoin from digital trading venues, which is further evidence of the Bitcoin dip being purchased with stablecoins. It only took buyers 10 minutes to complete this task.

19,639 #Bitcoin withdrawn from exchanges in 10 minutes.

Healthy development. pic.twitter.com/Q674TRbLD9

— Lex Moskovski (@mskvsk) May 19, 2021

On May 19, a huge withdrawal of 15,909 Bitcoin (nearly half a billion USD) was made from the leading Bitfinex exchange.

According to Glassnode, a sum close to one billion USD was also deposited to crypto exchanges the day before.

Thanks to Tesla’s Diamond Hands, Bitcoin Has Recovered From Loss

On May 18, the flagship cryptocurrency fell below the critical $40,000 level after three Chinese associations affiliated with the Bank of China strongly advised financial institutions not to deal with any crypto-related businesses.

Not only did Bitcoin fall to levels last seen at the start of 2021, but Ethereum also fell below $2,500, losing more than 25%. Other altcoins have also plummeted.

However, after Elon Musk tweeted that Tesla has “diamond hands,” referring to its tight grip on Bitcoin, the exchange rate of the largest cryptocurrency increased by about 40% following the frightening dip.

As a result, Bitcoin experienced a $10,000 loss and a $10,000 gain on the same day. At the time of publication, it was changing hands for $40,000.