Bitcoin Traders Eye Potential Rally With $2.5 Billion In USDT and USDC Inflows

With eyes on the US CPI inflation data, Bitcoin and the broader crypto market have staged a strong recovery in the recent short covering.

Bitcoin traders are closely monitoring a potential rally in the cryptocurrency market, spurred by massive inflows of USDT and USDC stablecoins to the tune of $2.5 billion over the past week.

This development comes as traders anticipate the upcoming US CPI inflation data, which is expected to influence market movements. Bitcoin and the broader crypto market have exhibited a strong recovery in recent times, driven by a short covering rally. The Bitcoin price surged another 3% on Monday, rallying past the $61,000 levels.

Meanwhile, the total cryptocurrency market cap rose by 2%, reaching $3 trillion. The market has been rallying higher in the recent short covering, and traders are now keeping a close watch on the upcoming inflation data, which is expected to dictate the next leg of the crypto rally.

Bitcoin Traders Bet on $2.5 Billion Stablecoin Inflow

As per the latest data from 10X Research, the الكبير العملتين المستقرتين Tether (USDT) and Circle (USDC) are seen to be lagging behind in minting new USDT and USDC stablecoins over the past week.

This suggests that institutional investors are preparing to inject fresh capital into the market, which could be a key reason behind the recent Bitcoin short covering rally. Notably, inflows into the spot BTC ETFs have also picked up recently, highlighting the growing institutional demand for the BTC asset class.

Banking giant Goldman Sachs also submitted a disclosure on Bitcoin ETF trading activity for the second quarter, revealing its $418 million contribution to these investment products.

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