Sharks and Whales Accumulate Stablecoins as Bitcoin Consolidates
According to market intelligence platform Santiment, large holders of stablecoins such as DAI and paxos standard (USDP) have been increasing since June 27, with addresses holding between $100,000 and $10 million seeing a significant rise. This indicates that investors, known as sharks and whales, are accumulating stablecoins while bitcoin remains stagnant between $30,000 and $31,000. Santiment also notes that 2% of DAI’s total supply has been added since June 27, while around 11% of the USDP supply has been added since July 2.
Key points:
– Large holders of stablecoins have been accumulating in recent weeks.
– The accumulation of stablecoins by sharks and whales is a potential indicator of an upcoming bull run in the market.
– Market capitalizations of top stablecoins like USDT, USDC, DAI, and USDP have experienced fluctuations in the past 24 hours.
– Trading volumes for USDT and USDC have seen notable increases in the past 24 hours.
– Tether, the largest stablecoin issuer, recently minted 1 billion USDT tokens on the Tron network, increasing its dominance in the market.
Hot Take:
The accumulation of stablecoins by sharks and whales, as well as the increase in trading volumes, suggests that there may be a significant market movement on the horizon. This could potentially indicate a bull run in the near future. However, the fluctuating market capitalizations of stablecoins and the introduction of new policies in the stablecoin industry, such as the launch of a stablecoin in Japan by Circle, highlight the dynamic nature of the cryptocurrency market. It will be interesting to see how these developments unfold and their impact on the overall crypto market.
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