BTC.top founder says stablecoin outflows do not signal start of bull market

Stablecoins have continued to flow out of the crypto market over the past month, which should not be seen as a signal that a bull market is beginning, according to Jiang Zhuoer, founder of mining pool BTC.top, who has Chinese roots. Jiang said USDT’s market capitalization fell to $183.1 billion from $184.2 billion, while USDC’s market capitalization declined to $72.15 billion from $73.28 billion. Jiang added Bitcoin could rise to between $68,000 and $70,000 and liquidate accumulated short positions, but the downtrend would likely resume afterward.