Analysis: The surge in trading of stablecoins and Bitcoin could potentially provide a basis for an increase in BTC over the next few weeks

Data from CryptoQuant shows that by the end of September, stablecoin liquidity continued to grow to a record $169 billion, up 31% year-to-date (YTD). The dominant player remains Tether's USDT, which increased its market value by $28 billion to nearly $120 billion, accounting for 71% of the market share; and Circle's USDC, which increased its market value by $11 billion to reach $36 billion. It has grown 44% since the beginning of the year and accounts for 21% of the market share. The record number of dollar stablecoins and surge in large Bitcoin transactions may lay a foundation for broader BTC gains in coming weeks, keeping intact this asset’s bullish seasonality in October.