EMC Labs: $4.9 billion in stablecoin inflows in January, becoming a material support for the market's upward momentum

ChainCatcher news, recently, the crypto fund management company EMC Labs released a report titled "Solving Problems, Starting a Bull Market" for January 2024. The report points out: In January, $4.9 billion flowed into stablecoins, making it the month with the highest net inflow since last year, resulting in a 4% increase in the overall supply of stablecoins. Additionally, following December, USDT and USDC recorded net inflows again, amounting to $4.5 billion and $2.2 billion respectively, with USDC setting a monthly inflow record since 2023. This synchronized inflow indicates that investors from different regions are increasingly optimistic about the market outlook.

The record-breaking incremental funds could have pushed the BTC price above the resistance level of $48,000, but the concentrated selling pressure triggered by the approval of the BTC ETF, valued at over $4 billion, curtailed the willingness of incremental funds to go long. The optimistic aspect is that the funds in the stablecoin channel have not retreated, which serves as a material support for the market's upward movement.