On-chain analytics firm centimenthighlighted the growing crypto whale activity in an altcoin built on Ethereum (ETH). The firm thinks that this development may indicate a reversal of the trend.
Santiment is a well-established decentralized finance (DeFi) protocol that uses smart contracts to power stablecoin-based loans. maker(MKR) has seen the largest whale transaction in over three months. did.
“Maker recorded the largest whale activity in the last three months just hours ago. A whale moved MKR 24,331 ($17.4 million) to its address, followed by another move of the same magnitude. During downturns, big moves like this are often associated with reversals.”
centimeter, cryptocurrency He underlined that there is another bullish sign that draws attention in the market. According to the firm, dormant TrueUSD (TUSD) coins have suddenly started to move as the stablecoin’s supply on crypto exchanges has reached its highest level in nearly two years. Idle coins describe crypto assets that have been dormant for a long time.
Santiment is of the opinion that such sudden movements in stablecoins generally bode well for the crypto markets.
“TrueUSDFor the first time since June 22, 2021, formerly dormant coins were moved to exchanges, increasing the exchange’s supply to 73%. Generally, the move of stablecoins to exchanges indicates increased purchasing power and is a good sign for crypto.”
Santiment also noted that Bitcoin (BTC) and Ethereum traders have been closing their positions with losses over the past few days, and this trend often precedes a market bottom.
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