Crypto market research firm Santiment has shared new data based on on-chain metrics. centimentresearched on on-chain data what crypto whales make of their profits in the bull market of 2021.
Whales Are Not Completely Out of the Market!
Santiment researchers found that large Bitcoin investors who profited in the last bull market did not leave the market completely. The data show that whales use their profits instead of exiting the market by returning to fiat money after making a profit. stablecoin it shows what he’s waiting for.
According to the data, the number of investors holding more than $100,000 in stablecoins at their address has increased dramatically. USDC and USDT addresses increased by 926% and 53%, respectively, while this rate was 1689% in BUSD, the stablecoin of Binance exchange.
The experts shared the following note after the data they published:
“Everyone knows that whales are selling Bitcoin while cryptocurrencies are depreciating in 2022. However, the profits made in the previous bull market have not yet been withdrawn in cash. Big investors continue to wait in the crypto market with stablecoins in their hands.”
Latest Status in Bitcoin
Father of cryptocurrencies Bitcoin (BTC)is preparing to close the first week of 2023 with limited purchases.
BTC, which has gained 2% since the beginning of the week, is currently holding above the $16,920 resistance, struggling to turn this level into support. If Bitcoin succeeds in this attempt, the next resistance is found at $17,350.
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