The amount of bitcoin being traded into fiat and stablecoins fell substantially in July on the heels of a steady price rally by BTC.
According to leading crypto data aggregator CryptoCompare, investors have decreased the amount of bitcoin they are exchanging for fiat and stable coins. The most recent edition of its Exchange Review shows BTC trading into USDT decreased 16.25% in July to 5.41 million BTC, down from 6.47 million in June.
The report also found bitcoin trading into USD and JPY decreased to 1.06 million BTC (down 6%) and 0.88 million BTC (down 4%), respectively. Overall, European markets for bitcoin to fiat remained relatively stable through July, except for BTC trading into KRW which increased by 16%.
Stablecoin markets for BTC experienced a similar decline as fiat. Per the CryptoCompare report, BTC/USDC fell to 66,800 BTC (down 13.3%) last month. The BTC/USDT pair still accounted for the majority of bitcoin being traded into either fiat or stablecoins for July, at 66% of total volume versus 69 percent in June.
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