A leading digital asset research firm has revealed that crypto whales have amassed purchasing power with the purchase of significant stablecoins, worth over $1 billion.
Santiment said deep-pocketed crypto investors known as whales and sharks are hoarding popular stablecoin Tether (USDT) after months of dumping their crypto holdings.
“Whales and sharks, like [Bitcoin] and as they do in altcoin hoarding and dumping, it initiates through stablecoin behavior. In the past month, addresses holding 10,000 to 10 million Tether have added $1.06 billion in purchasing power, which is 2.7% of the total supply.”
As crypto whales and sharks accumulate USDT, Santiment also reveals that Bitcoin (BTC) investors continue to load into BTC.
“Bitcoin continues to see cryptocurrencies exit exchanges as prices are near the bottom of six months. Interestingly, in 21 of the last 26 weeks, BTC has moved more on exit than exchange entry. Look for large stock market exit spikes as indicators of price increases.”
As for when Bitcoin might spark another rally, the crypto research firm noted that market participants should follow BTC’s correlation with the stock market.
“As the week ended, the SP500 did the same as Bitcoin dropped to $38,900. Their correlations continue to correlate with when BTC might explode again. Meanwhile, gold has climbed back to the same level as when the news of the war broke out.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.