10x Research: Significant slowdown in stablecoin minting is preventing Bitcoin from breaking through to new all-time highs

Golden Finance reported that 10x Research released a report stating that currently, Bitcoin is close to the top of its range and faces the challenge of breaking through all-time highs. This can be attributed to the Bitcoin halving event on April 20. After the halving, the minting of stablecoins slowed down significantly, and the number of wallets holding more than $10 million in stablecoins decreased. This trend is currently preventing Bitcoin from breaking out to new all-time highs. A significant amount of Bitcoin (valued at $6.75 billion) has been withdrawn from exchanges over the past month (97,000 BTC less, close to 100,000 BTC). This record flow was primarily driven by two US-focused exchanges, Kraken (down 55,000 BTC or $3.8 billion) and Coinbase (down 24,000 BTC or $1.7 billion).