- Deposits of $9.3 billion in ERC-20 stablecoins into major exchanges could signal a bullish Ethereum rally.
- Increased activity in Ethereum’s active addresses suggested rising retail interest in the asset.
Ethereum [ETH] is riding a wave of positive momentum, reflecting the broader cryptocurrency market’s recent gains.
Although Ethereum has not yet reached its previous all-time high, it has experienced a significant upswing. Over the past few days, the alt coin has surged by more than 8%, reaching a high of $2,872, at press time.
This marks a notable recovery, placing the asset approximately 42.7% below its record high of $4,878 from November 2021.
The recent gains signaled increasing investor interest and highlighted the alt coin’s resilience as it continues to attract market attention alongside Bitcoin’s recent upward movement.
Meanwhile, an intriguing development within the Ethereum network has been identified by a CryptoQuant analyst known as Mac.D.
According to the analyst, in the wake of the U.S. presidential election results, a substantial $9.3 billion worth of ERC-20 stablecoins flowed into cryptocurrency exchanges.
This represents the second-largest influx of ERC-20 stablecoins since their inception.
Breaking down these deposits, Binance received around $4.3 billion, while Coinbase saw an inflow of about $3.4 billion. The remainder was distributed among smaller exchanges.
Source: CryptoQuant
Historically, large inflows of this magnitude have correlated with bullish rallies in the market, as seen during the
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Author: Samuel Edyme
