Crypto markets stabilized in July with no final capitulation event as many had predicted. There is now a large sum sitting in stablecoins waiting to re-enter markets when the time is right.
Three of the top ten crypto assets by market capitalization are stablecoins. Their combined value at the time of writing is $138 billion, according to CoinGecko.
Tether’s USDT is the third largest cryptocurrency with $66 billion, Circle’s USDC is fourth with $54.4 billion and Binance’s BUSD is seventh with $17.8 billion.
On July 31, Binance CEO Changpeng Zhao pointed out that this was a lot of money sitting on the sidelines, waiting to get back in.
“If people wanted to get out of crypto, most won’t hold stablecoins.”
Cash on the sidelines
Those needing to exit crypto would have converted back into fiat and withdrawn from exchanges. This largely happened in mid-June when over $400 billion exited markets in a week.
Since then, crypto markets have been generally range-bound with a recent uptick to...
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