In the last 24 hours, $5.28B worth stablecoins have been deposited to various crypto exchanges. Meanwhile, whales have purchased BTC on the dip once more, withdrawing a whopping $791 million from digital trading platforms.
<h2>People Purchased the BTC Dip with $5.28B Worth Stablecoins</h2>
According to the Moskovski Capital CIO, who <a href="https://twitter.com/mskvsk/status/1395255118992265217" target="_blank" rel="nofollow noopener">shared </a>the graphic, there has been an eye-catching inflow of stablecoins through numerous crypto exchanges over the last 24 hours, marking a new all-time high.

[embed]http://twitter.com/mskvsk/status/1395255118992265217[/embed]

He noted that the stablecoin inflow is also greater than the volume of USD-backed coins deposited before Tesla's Bitcoin announcement on February 8.

The logical inference is that the crypto market has been purchasing <a href="https://www.cryptoknowmics.com/news/bitcoin-whales-withdraws-15909-btc-from-bitfinex/">BTC dip</a> with stablecoins.
<h2>Within 10 Mins, 20,000 BTC Were Removed from Exchanges</h2>
A chart given by famous analytics aggregator <a href="https://www.cryptoknowmics.com/news/glassnode-data-reveals-476-m-usdt-deposited-by-whales-in-one-hour-to-buy-bitcoin-at-dip/">Glassnode</a> shows that whales pulled a whopping 19,639 Bitcoin from digital trading venues, which is further evidence of the Bitcoin dip being purchased with stablecoins. It only took buyers 10 minutes to complete this task.

[embed]http://twitter.com/mskvsk/status/1395113511571841028[/embed]

On May 19, a huge withdrawal of 15,909 Bitcoin (nearly half a billion USD) was made from the leading Bitfinex exchange.

According to Glassnode, a sum close to one billion USD was also deposited to crypto exchanges the day before.
<h2>Thanks to Tesla's Diamond Hands, Bitcoin Has Recovered From Loss</h2>
On May 18, the flagship cryptocurrency fell below the critical $40,000 level after three Chinese associations affiliated with the Bank of China <a href="https://www.cryptoknowmics.com/news/institutions-to-prohibit-from-conducting-crypto-transactions-in-china/">strongly advised financial institutions</a> not to deal with any crypto-related businesses.

Not only did Bitcoin fall to levels last seen at the start of 2021, but Ethereum also fell below $2,500, losing more than 25%. Other altcoins have also plummeted.

However, after Elon Musk tweeted that Tesla has <a href="https://www.cryptoknowmics.com/news/elon-musk-tweets-diamond-hands-amid-crypto-market-crash-tesla-wont-sell-15b-stake-in-bitcoin/">"diamond hands,"</a> referring to its tight grip on Bitcoin, the exchange rate of the largest cryptocurrency increased by about 40% following the frightening dip.

As a result, Bitcoin experienced a $10,000 loss and a $10,000 gain on the same day. At the time of publication, it was changing hands for $40,000.

With $5.28B Worth Stablecoins Exchanged for BTC, "A Lot of People Purchased the Dip"

$5.28B Worth Stablecoins were deposited on different cryptocurrency exchanges for Bitcoin, has both gains and losses on the same day.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

With $5.28B Worth Stablecoins Exchanged for BTC, "A Lot of People Purchased the Dip"

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