Binance and Coinbase see record stablecoin inflows after U.S. election
Erc-20 stablecoins flood Binance and Coinbase, reach $9.3 billion inflows post-Trump victory
Crypto analytics firm CryptoQuant reports that Binance and Coinbase recorded a massive influx of stablecoins, totaling $9.3 billion, following Donald Trump’s recent presidential victory.
This surge in inflows, largely in ERC-20 stablecoins on the Ethereum network, mirrors levels last seen in 2020. CryptoQuant suggests that these inflows could indicate bullish market sentiment, with optimism surrounding Trump’s win seen as a positive sign for the crypto ecosystem, reports Cryptopolitan.
Major Stablecoin Inflows and Market Impact
According to CryptoQuant, the recent influx of ERC-20 stablecoins represents the second-largest in crypto history. The inflows were distributed among major exchanges, with Binance receiving $4.3 billion and Coinbase $3.4 billion, while smaller exchanges absorbed the remaining amount. This injection of liquidity has had an immediate effect on crypto prices, as Bitcoin surged to an all-time high of $77,199 and Ethereum crossed the $3,000 mark, supported by a 7% gain in the past 24 hours.
The surge also aligns with other factors, such as the Federal Reserve’s 25 basis-point rate cut, which, along with Trump’s victory, has bolstered investor confidence. The crypto market’s fear and greed index remains at a high of 70, reflecting the optimistic sentiment. According to CryptoQuant, similar large-scale inflows in September 2020 and February 2021 led to bullish market rallies, and if the current trend persists, another rally could be on the horizon.
Recently we wrote, that in a significant move to strengthen its support for Ethereum’s Layer-2 ecosystem, Coinbase has announced the listing of a new token called SWELL.
