Chart of the Day
Whale watching, anyone? Massive USDT inflows, amounting to $2.27 billion, were transferred to major exchanges in the last two days — the largest since mid-March. The timeframe of the inflows overlaps with a minor pullback in BTC price, suggesting that buyers were likely rushing in to buy the dip. The buying power of stablecoins, which is racing into the underbought region, offers a similar narrative. With funding rates in check, will the USDT inflows mark the overture of another round of rally?
Talk of the Town
A $100M Facelift ☑️. Hong Kong-based app-maker Meitu accomplished its goal of investing $100 million in cryptocurrency as part of its treasury allocation plan to outrun fiat depreciation. The purchases affirm Meitu’s status as one of the first Chinese listed company to plug millions into digital assets. However, the acquisition carries strategic significance as it also paves the way for future initiatives including launching decentralized apps.