{"id":75492,"date":"2023-03-14T09:42:27","date_gmt":"2023-03-14T07:42:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=75492"},"modified":"2025-09-10T11:57:48","modified_gmt":"2025-09-10T08:57:48","slug":"glassnode-us-bank-collapse-rekindles-demand-for-bitcoin","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/glassnode-us-bank-collapse-rekindles-demand-for-bitcoin\/","title":{"rendered":"Glassnode: US bank collapse rekindles demand for Bitcoin"},"content":{"rendered":"<p>The cessation of operations by <a href=\"https:\/\/u1f987.com\/en\/news\/silvergate-to-liquidate-silvergate-bank\">Silvergate<\/a> Bank, <a href=\"https:\/\/u1f987.com\/en\/news\/venture-capital-investors-distance-themselves-from-silicon-valley-bank-amid-liquidity-concerns\"><span data-descr=\"Silicon Valley Bank\" class=\"old_tooltip\">SVB<\/span><\/a> and <span data-descr=\"Signature Bank \/ New York, NY\" class=\"old_tooltip\">SBNY<\/span> triggered a period of turbulence in stablecoins and underscored the significance of <a href=\"https:\/\/u1f987.com\/en\/news\/who-is-satoshi-nakamoto\">Satoshi Nakamoto<\/a>&#8216;s decision to create Bitcoin. Glassnode reports.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">After an extremely consequential week, the digital asset industry finds itself short three crypto friendly banks in the US.<\/p>\n<p>Investors appear to be seeking safety in the most trustless major assets <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> and <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&#038;ref_src=twsrc%5Etfw\">#Ethereum<\/a><\/p>\n<p>Read more in our latest analysis?<a href=\"https:\/\/t.co\/ULZot2InKD\">https:\/\/t.co\/ULZot2InKD<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1635294648057974784?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Prior to news of the <a href=\"https:\/\/u1f987.com\/en\/news\/us-rescue-saves-svb-and-signature-bank-depositors-stablecoins-narrow-the-depegging\">FDIC<\/a>\u2019s rescue of depositors at the aforementioned institutions, stablecoins in the segment on March 11-12 showed a material deviation from parity with the US dollar in USDC, DAI, FRAX, USDP, USDD and GUSD.<\/p>\n<p>Circle, together with Coinbase, is part of the Centre consortium, the issuer of USDC. On March 11 the company <a href=\"https:\/\/u1f987.com\/en\/news\/usdc-loses-peg-to-the-dollar-amid-svb-collapse\">announced<\/a> that it holds in SVB part of the asset\u2019s reserve ($3.3 billion).<\/p>\n<p><span data-descr=\"Stablecoins deviating from the $1 peg\" class=\"old_tooltip\">Depeg<\/span> was observed for the first time since <a href=\"https:\/\/u1f987.com\/en\/news\/terras-death-spiral-how-and-why-luna-and-ust-collapsed\">the collapse of UST<\/a> in 2022. USDC and DAI traded down to $0.88 and $0.89, while BUSD and USDT traded at a premium to parity of 1% and 3% respectively.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/03\/02_stable_price.png\" alt=\"Glassnode: US bank collapse rekindles demand for Bitcoin\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<p>Analysts noted that since October 2022 USDC has supported a market share in the 30-33% range. The resumption from March 13 of the ability to convert the stablecoin into fiat will allow assessing the resilience of these levels.<\/p>\n<p>Experts also pointed to a contraction in BUSD\u2019s share from 16.6% to the current 6.8% amid regulatory pressure on the Paxos partner of Binance for the issuing of a stablecoin. USDT\u2019s share rose to 57.8%.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe irony is that Tether has come to be seen as a safe-haven asset amid concerns about contagion spreading among stablecoins. The latter stems from a tightly regulated US banking sector,\u201d<\/em> \u2014 analysts concluded.<\/p>\n<\/blockquote>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/03\/04_stable_dominance.png\" alt=\"Glassnode: US bank collapse rekindles demand for Bitcoin\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<p>In the wake of SVB\u2019s collapse, demand for Bitcoin and Ethereum surged. This was accompanied by withdrawals of coins from centralized platforms, repeating the pattern seen during the <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">FTX collapse<\/a>.<\/p>\n<p>Over the past days, exchange balances of the first and second-largest cryptocurrencies declined by 0.144% and 0.325% of their available supply, respectively. The total outflow rate stood at $5.9 billion on a monthly basis.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/03\/07_major_exchangepct.png\" alt=\"Glassnode: US bank collapse rekindles demand for Bitcoin\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<p>In dollar terms, investors pulled out Bitcoin and Ethereum to $1.8 billion. Relative to similar episodes in the past, the amount was modest, a sign of confidence among market participants, say analysts.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/03\/08_major_netposchange.png\" alt=\"Glassnode: US bank collapse rekindles demand for Bitcoin\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<p>Analysts also recorded inflows of USDT and USDC to exchanges at a monthly pace of $1.5 billion to $2.3 billion. That is below the outflow of BUSD (around $6.8 billion), suggesting a shift into stablecoins.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe market appears to have reacted to the influx of stablecoins and the withdrawal of Bitcoin and Ethereum from exchanges. This reflects investors\u2019 high regard for non-custodial, trustless storage of cryptocurrencies,\u201d<\/em> \u2014 the researchers concluded.<\/p>\n<\/blockquote>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/03\/09_stable_netposchange-1.png\" alt=\"Glassnode: US bank collapse rekindles demand for Bitcoin\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<p>By the evening of March 13, Bitcoin had risen above $24,000.<\/p>\n<p>Earlier, CoinShares analysts recorded a record outflow of funds from crypto funds.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The shutdowns of Silvergate Bank, SVB, and SBNY triggered temporary turbulence in stablecoins and underscored the significance of Satoshi Nakamoto&#8217;s creation of Bitcoin. Glassnode reports.<\/p>\n","protected":false},"author":1,"featured_media":75493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1273,1145,807],"class_list":["post-75492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-glassnode","tag-market-analysis","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/75492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=75492"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/75492\/revisions"}],"predecessor-version":[{"id":75494,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/75492\/revisions\/75494"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/75493"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=75492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=75492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=75492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}