Data on Stablecoin Activity Give Out on the Market Sentiment

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Stablecoins such as Binance USD (BUSD) and USD Coin (USDC) are seeing massive volume. It's worth noting that such levels haven't been seen in months.

In the previous 24 hours, both Bitcoin and Ethereum have dropped in value. Both main cryptocurrencies have lately suffered losses, with BTC falling 3.7% and ETH falling 4.5%.

As a result of the gloomy sentiment in the market, the BTC "Exchange inflow volume" hit a three-month high of $57,349,095, says the report. ETH, on the other hand, hit a new low, with the number of lost addresses hitting a two-year high of 24,881,546.7.

Overall, this spike stablecoin activity, along with the low market sentiment and dropping values of flagship tokens across the board, does not bode well for cryptos' near-term prospects.