Matrixport: The issuance of stablecoins supports cryptocurrency prices, shorting ETH is a good choice to hedge BTC long positions
Matrixport posted on social media that Tether's minting activity shows an increase in the inflow of fiat currency to cryptocurrency, which continues to support the price of cryptocurrencies. In the past 7 days, Tether's circulation has increased by 2 billion US dollars, and the issuance speed is even faster than at the beginning of January.
In addition, Matrixport stated that it had previously criticized Ethereum's upgrade policy when analyzing the impact of each upgrade on ETH prices. With the end of Dencun upgrade, Ethereum's market share dropped from 19% to 16%. The institution suggests using ETH short strategy as a hedge against BTC long strategy.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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