Secret Bitcoin Driver: Exchanges Receiving $40 Million USDT Fuel Per Day
The cryptocurrency market is buzzing with activity as on-chain data reveals that exchanges are receiving a staggering $40 million in USDT daily. According to TradingView, this influx is potentially fueling the ongoing rally in Bitcoin and other cryptocurrencies. The Exchange Flow Balance for Tether’s USDT indicates significant inflows into centralized exchange wallets, suggesting heightened investor interest in trading activities.
Santiment's analysis highlights that while a positive flow balance can be bearish for assets like Bitcoin due to potential sell-offs, it signals bullish trends when stablecoins are involved. Investors typically hold capital in stablecoins during volatile periods before transitioning back to more dynamic assets like Bitcoin once conditions stabilize. With an average net inflow of $40 million USDT over eight weeks, analysts predict continued momentum through 2024.
Kraken’s Ink Layer-2 Goes Live
In a surprising move ahead of schedule, Kraken launched its layer-2 network called Ink using Optimism’s OP Stack technology framework. CoinDesk reports that the launch was initially planned for early 2025 but went live recently as part of the Optimism Superchain initiative. This development marks Kraken's commitment to enhancing decentralized finance (DeFi) experiences by bridging gaps between users and builders.
The project received substantial support from the Optimism Foundation, with grants totaling 25 million OP tokens valued at approximately $58 million. As competition heats up among crypto exchanges developing their own rollup networks using similar technologies—like Coinbase's Base—the industry anticipates further innovations driving growth within DeFi ecosystems worldwide.
WazirX Eyes Exchange Revival and DEX Launch After $235M Hack
Following a massive hack resulting in losses exceeding $235 million earlier this year, Indian crypto exchange WazirX plans to reopen its platform and launch new decentralized services aimed at recovering lost funds. This ambitious endeavor involves finalizing court-approved reimbursement strategies under Singaporean jurisdictional oversight, while simultaneously introducing Shardeum—a product offering additional revenue streams intended to compensate affected customers. Despite facing criticism surrounding transparency issues, this effort aims to restore confidence and support among stakeholders moving forward.
Sources:
- Secret Bitcoin Driver: Exchanges Receiving $40 Million USDT Fuel Per Day
- Kraken’s Ink Layer-2 Goes Live
- WazirX Eyes Exchange Revival and DEX Launch After $235M Hack
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