EMC Labs: Funds continue to flow into the stablecoin channel and BTC ETF channel, providing material support for the bull market of crypto assets

Crypto fund management company EMC Labs released a March report titled "The bull market continues after the big sell-off". According to on-chain data analysis, investors began to sell on a large scale on February 26. From February 26 to March 12, the first half of the big sell-off was dominated by buying momentum, and the price rose from $51,730.96 to $71,475.93; from March 13 to March 31, the second half of the big sell-off (not yet over), BTC was in a period dominated by selling momentum, and the price fell from $73,709.99 to $60,771.74. From February 26 to March 31, sellers locked in a total profit of nearly $63.1 billion. At the end of March, the scale of the sell-off had dropped significantly, but it was still as high as $1 billion, which caused the price rebound to fail and fell again in April. EMC Labs believes that the selling power is waning significantly, and the first wave of big selling in the bull market is coming to an end. This wave of large-scale selling before the production cut cleared a large number of profit-making chips, raised the cost center of gravity of BTC, and helped to increase the price in the next stage. Throughout March, a total of $8.9 billion flowed into the stablecoin channel, setting a monthly inflow record since this cycle. This inflow is the basic support for the BTC price to set a historical record in March, and it is also one of the undertakers of the large sell-off in March. In addition, analysis of BTC ETF data shows that BTC ETF did not experience large-scale outflows during this round of large-scale selling adjustments, and only recorded a small outflow from March 18 to March 22. Funds in the stablecoin channel and BTC ETF channel are still continuing to flow in, which is one of the important supports for the subsequent BTC price recovery and new highs.