The Bitcoin price last saw its local bottom before Tether minted $1.3 billion worth of stablecoins, which helped BTC recover over 21%.
During the past 24 hours, the Bitcoin price $BTC fell 3.9% to trade at $58,930 as of 08:03 am UTC on Aug. 12, falling from a weekly high of $62,510.
The lack of institutional stablecoin inflows to crypto exchanges can signal a lack of buying pressure and investor appetite for the underlying asset, as stablecoins are the main on-ramp from the fiat to the crypto world used by investors.
The $1.3 billion was transferred to some of the most popular centralized cryptocurrency exchanges, including Kraken, Coinbase, OKX and Bullish.
The Bitcoin price bottomed at a five-month low of above $49,500 on Aug. 5 and staged an over 21% recovery to above $60,000 by Aug. 9.
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