Record-breaking stablecoin Liquidity and BTC volume surge may drive up BTC price

BlockBeats News, on October 9th, the surge in the number of USD stablecoins and large BTC transactions may lay the foundation for a broader pump of BTC in the coming weeks, maintaining the bullish seasonality of this asset in October. Data from CryptoQuant shows that stablecoin liquidity continued to rise to a record $169 billion at the end of September, a 31% increase since the beginning of the year. Tether's USDT, which still dominates, has increased its market cap by $28 billion to nearly $120 billion, accounting for 71% of the market share; and Circle's USDC has increased its market cap by $11 billion to $36 billion, a 44% increase since the beginning of the year, accounting for 21% of the market share. Historical trends show a clear correlation between the amount of stablecoins held by cryptocurrency trading platforms (which has risen 20% this year) and the pump in BTC price. Julio Moreno, Research Director at CryptoQuant, said, 'The larger the balance of stablecoins on trading platforms, the higher the prices of BTC and other cryptocurrencies. Since the start of this Bull Market cycle in January 2023, the total amount of USDT (ERC20) in exchanges has risen from $9.2 billion to $22.7 billion (+146%).'