Record $9.7B stablecoin inflows could drive Bitcoin to $100K
2024-11-21

Stablecoin flows to cryptocurrency exchanges have reached a record monthly high, signaling increased investor interest in the crypto market. The surge could position Bitcoin to reach the $100,000 milestone before the end of November.
Stablecoin inflows to crypto exchanges hit a new monthly high of over $9.7 billion.
This could signal an uptick in crypto investor demand, according to Leon Waidmann, head of research at The Onchain Foundation, who stated in a Nov. 21 X post:

The record monthly stablecoin inflows could put Bitcoin BTCUSD on track to $100,000 before the end of November, historically the most bullish month for BTC returns.
Growing stablecoin inflows to crypto exchanges can signal incoming buying pressure and growing investor appetite, as stablecoins are the main on-ramp from the fiat to the crypto world used by investors. 
Can record stablecoin inflows push Bitcoin beyond $100,000?
Growing stablecoin inflows can significantly impact the price of the world’s first cryptocurrency.
Back in August, Tether minted $1.3 billion worth of USDt USDTUSD from Aug. 5, when Bitcoin price bottomed at a five-month low of above $49,500 before starting to recover. Bitcoin staged an over 21% recovery to above $60,200 from Aug. 5 to Aug. 9, as Tether’s $1.3 billion bolstered BTC price.
Some analysts expect Bitcoin to reach $100,000 before the end of the month, including Ryan Lee, chief analyst at Bitget Research, who told Cointelegraph:

Spot Bitcoin exchange-traded fund (ETF) inflows also continue supporting Bitcoin’s price appreciation. The US Bitcoin ETFs amassed over $773 million worth of cumulative net positive inflows on Nov. 20, marking the third green day in a row, Farside Investors data shows.
The US Bitcoin ETFs recorded their sixth consecutive week of net positive inflows after amassing over $1.67 billion in the trading week of Nov. 11–15.