The crypto market can reportedly get ready to receive a tremendous amount of money.
It was just reported that about $3 billion is ready to flood the market and pump Bitcoin, XRP and more digital assets.
The latest report comes from eToro senior market analyst Mati Greenspan.
Cash stored in USDT could be a game changer
In a new tweet, Greenspan discussed the position that has been taken by various traders and analysts who say that the total amount of money that is currently stored in a stablecoin could be turning the market around and this can reportedly happen any day now.
Nearly $3 billion ready to flow into BTC and alts. https://t.co/kWTNCtbyZM
— Mati Greenspan (@MatiGreenspan) April 5, 2019
Tether (USDT) is the most important stablecoin at the moment, and it has a total market cap of $2.09 billion. The Daily Hodl reported that there’s an intense debate about whether this money is sitting still or not.
A Twitter user named Mike Chapman has challenged Greenspan and pointed out that the money that’s been parked in USDT may be virtually nonexistent as the traders are rapidly moving in and out of positions.
What other people have said. Virtually no money is "parked" in tether, because according to volume metric more than 5x the total coins change hands every day.
— MikeC316 (@Mike_Chapman_) April 5, 2019
More fiat may already be flowing into BTC
The Daily Hodl also reports that the newly activated Bitcoin wallets are already suggesting that more fiat may already be flowing into BTC.
The market intelligence company Flipside Crypto told Bloomberg that a massive number of dormant Bitcoin wallets seem to be springing back to life:
“In the prior two weeks, a high number of electronic storage accounts known as digital wallets holding Bitcoin became active, according to market intelligence firm Flipside Crypto. While 40% to 50% of all Bitcoins are usually sitting in wallets that have been inactive from one to six months, the average has been about 10 percent since March 15, the firm found.”
It’s also worth mentioning that Flipside Crypto co-founder and head of data science Eric Stone said that the numbers confirm the fact that a new bullish Bitcoin trend may already have started.