Matrixport: Stablecoin minting drives Bitcoin up

Matrixport published a chart saying that the continued strong minting of stablecoins in the past 2-3 weeks is the key driving force for Bitcoin's rebound to 65,000. Although Bitcoin spot ETFs have also seen inflows, stablecoins, as the main fiat currency entry channel for cryptocurrencies, seem to be the main driving force. This trend shows that institutional investors may be the main driver of Bitcoin's rise. We have also emphasized many times in the past two weeks that this is still the most important factor, and its influence even exceeds that of macroeconomics and monetary policy.