EthFinance

Ethereum

📉 Remarkable: The market is already rallying, yet stablecoin inflows are still negative!

No fresh liquidity. 

Still, BTC is climbing.

What happens when inflows return?

So net, the bulk of people are buying on leverage?

I would mechanically guess large options buyers force the sellers to delta hedge spot, but they delta hedge spot in Eurodollars (they don't buy Tether then buy Bitcoin with Tether).

I'm just speculating here and asking. I'm not sure.

I'd expect the mechanics when price rapidly moves that crypto native or crypto exchanges that will convert fiat to t-bills then to stablecoins.

If that doesn't happen I guess people are buying from trad exchanges only accepting fiat.

Maybe someone's buying a ton of Fidelity corn?

Actually ETF make more sense. They probably are buying Fidelity corn, then locking into ETFs.

Just buying on exchanges with fiat or via ETFs?