As regards “the balance of stablecoins on exchanges has plummeted” how could one tell folks are actually taking their stables off exchanges or buying assets?
This specific analysis was made because we haven't seen those stablecoins flow into other assets such as Bitcoin, ETH or other major caps in sufficient quantity to determine they're buying assets.
The timing (FTX collapse) also indicates that investors were pulling assets off exchanges due to fear.
You are right though in that on-chain analysis is only a piece of the puzzle and that there can be different interpretations of what the data actually means.
As regards “the balance of stablecoins on exchanges has plummeted” how could one tell folks are actually taking their stables off exchanges or buying assets?
This specific analysis was made because we haven't seen those stablecoins flow into other assets such as Bitcoin, ETH or other major caps in sufficient quantity to determine they're buying assets.
The timing (FTX collapse) also indicates that investors were pulling assets off exchanges due to fear.
You are right though in that on-chain analysis is only a piece of the puzzle and that there can be different interpretations of what the data actually means.
Right! thanks for the response