Bitcoin Selling Pressure Becoming Exhausted? This Metric May Hint So

The on-chain data for the stablecoin redemptions during the recent price plunge could suggest there aren’t many Bitcoin holders selling anymore.
Stablecoin Redeem Count Has Remained Low Recently
As pointed out by an analyst in a CryptoQuant post, large stablecoin redemptions have usually accompanied major declines in the Bitcoin price during this bear market. A stablecoin is said to be “redeemed” when an investor exchanges the token for fiat through the issuer of said coin.
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