Over $ 1.2 billion in stablecoins deposited on exchanges amid the retreat of the crypto market

Blockchain analytics firm Santiment says crypto exchanges saw their largest hour-long inflow of stablecoins this year amid a correction and consolidation.

Santiment told its 110,000 Twitter followers that the exchanges had seen record inflows of stablecoins, including Circle’s Tether (USDT) and USD Coin (USDC).

https://twitter.com/santimentfeed/status/1461853110213566471?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“The largest 1-hour inflow from Tether to the exchanges for the whole year took place on Thursday (November 18). Over USDT 771.6 million has been transferred to exchanges. Then, just 6 hours later, USDC 454 million was sent to the exchanges, their own 4-month high. “

After correcting Bitcoin from $ 69,000 to below $ 56,000, Santiment says the discussion rate about Bitcoin is significantly lower than it was in June.

https://twitter.com/santimentfeed/status/1461780061753856000?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“With altcoins exploding for most of 2021, bitcoin-related discussions are now half what it was five months ago. 15% of the discussions about crypto platforms today refer to Bitcoin, in mid-June it was 30%. “

With altcoins in mind, a cryptocurrency has gone against the broader market-wide correction trend. According to Santiment, the Metaverse-focused sandbox (SAND), which is up nearly 50% in the past week, is challenging the market while sending a promising on-chain signal.

https://twitter.com/santimentfeed/status/1461505063369666561?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

Sandbox is currently at $ 4.32 despite much of the rest of the market-wide correction that happened this week. The actual profit / loss of SAND is starting to neutralize again and was once a very accurate leading indicator. “

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