According to the analyst, the rise of the index using stablecoins to ATH can be interpreted as some Bitcoin whales may be withdrawing cash. The amortized stablecoin index hit an all-time high of just under $5 billion a few days ago, suggesting that some whales may be pulling cash. Detail cryptocoin.com‘in.
Whale moves as Bitcoin struggles
The amortized supply across all stablecoins hit an all-time high of almost $5 billion a few days ago, and one analyst believes it’s an indication of the cash outflow of some whales. According to data from popular cryptocurrency monitoring resource CryptoQuant, the number of stablecoins used across the market hit an all-time high on Dec. As seen in the chart below, the figure reached almost $5 billion on December 10, when the BTC price was at $47,000. CryptoQuant’s Dan Lim believes this could be an indication that some whales are likely out of cash. He also noted that this could be in response to the FOMC meeting, which will take place on December 16.
Analyst: “I’m not sure if whales got in the way of market volatility in response to the December 16 FOMC announcement, but that’s also one of the uncertainties. “We are still cautious until some uncertainties are resolved,” he said. However, it is worth noting that this does not mean that the whales in question are currently selling BTC. In fact, although this was perceived as a negative indicator, the price rose in the following days. Yesterday, Bitcoin’s price hit an intraday high of $50,800 before it was rejected and pulled back to where it is currently trading at $48.7k.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.