Matrixport released a chart claiming that the continued strength of stablecoin minting over the past 2-3 weeks has been a key driver for Bitcoin's rebound to 65,000. While bitcoin spot ETFs have also seen inflows, stablecoins, the main fiat deposit channel for cryptocurrencies, appear to be the main driver. This trend suggests that institutional investors may be the main driver of bitcoin's rise. We have also stressed many times in the past two weeks that this remains the most important factor, even more influential than macroeconomic and monetary policy.