The Aggregate Stablecoin Supply has been experiencing severe outflows as market participants have rampantly redeemed their tokens following the LUNA collapse, culminating in a peak monthly outflow of -$8.6B.
However, when assessing the monthly supply change from a high timeframe perspective, Stablecoin outflows have been diminishing, suggesting initial glimmers of returning demand and capital inflows into the digital asset space.
https://twitter.com/glassnode/status/1657353454715543553
Andrew Kang: “The great rise of Tether profitability changes the flow dynamics of BTC in a big way
If they direct most of their annualized $6b profits into BTC, it almost completely offsets selling pressure from Gox, US gov”.