On-chain analytics platform Santiment, major investors stablecoin found that there was a significant increase in assets did. Analysis shows that wallets representing 5.09% of the total supply of leading assets such as Tether (USDT), USD Coin (USDC) and Binance USD (BUSD) have been added in the last three weeks. This shows that major players are increasing their confidence in these cryptocurrencies and creating a noticeable impact on the market. These data can be considered an important indicator for the development and growth of the stablecoin market.
🤑 The supply of #stablecoins appear to have been rapidly accumulated by large wallets over the past 3 weeks. Wallets holding at least $5M in #crypto have added a collective 5.09% of the combined supplies $USDT, $USDC, $BUSD, $DAI, $TUSDand $USDP. https://t.co/BIR43pbgNO pic.twitter.com/oCGzD8wqEU
NEWS CONTINUES BELOW— Santiment (@santimentfeed) April 2, 2024
This significant accumulation marks the highest level in combined market cap of stablecoins since 2022. This represents a figure exceeding $143 billion. An interesting aspect of this remarkable accumulation is that large whales currently hold 55.37% of the total supply of this major stablecoin.
As Koinfinans.com reported, one possibility is that investors want to protect themselves from potential market fluctuations by directing their funds to assets that provide price stability.
The current market capital of the stablecoin increased by 0.23% in the last 24 hours to a total of $150.03 billion. Among the largest stablecoins, Tether-backed USDT holds the majority of the market with a capital of $82 billion, followed by USDC with $10.1 billion and DAI with $2.92 billion.
Another theory is that these large investors are preparing themselves for future trades. By accumulating stablecoins, they can have ready capital to purchase other cryptocurrencies when prices become more attractive.
