Quick Take
- The outflows for BUSD continue, which sees a balance on exchanges of less than 10 billion.
- The balance on exchange was as high as 22 billion on exchanges in November 2022 — a trend expected to continue.
- USDT and Bitcoin have benefited the most from these outflows — as USDT dominates at 55%, the highest since November 2021.
- While the Bitcoin stablecoin supply ratio suggests outflows of stablecoins have gone into Bitcoin — its highest ratio for over two years.
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