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$9.3 billion stablecoin exchange inflows have traders bracing higher

Bitcoin prices Following the US presidential election results on Nov. 6, a substantial $9.3 billion worth of ERC-20 stablecoins were deposited into cryptocurrency exchanges, according to data from market intelligence firm CryptoQuant.

Historically, large-scale inflows of stablecoins to exchanges have precedes price rallies. For example, the 2021 bull run was preceded by an influx of stablecoins that occurred between September 2020 and February 2021.

Most recently, rising stablecoin inflows between Jan and early March this year saw Bitcoin price break previous all-time highs before the Bitcoin halving.

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