Biggest Tether Whales Accumulate $1.67 Billion in USDT, Santiment Reports
Crypto analytics firm Santiment reveals that the top 100 addresses holding Tether (USDT) have acquired $1.67 billion worth of the stablecoin over a span of six months. This surge in buying power indicates a nearly 10% increase. The accumulation of USDT by these whales could potentially contribute to a Bitcoin (BTC) surge beyond $40,000.
At the time of writing, BTC is trading at $36,933.
Santiment also notes that between August 19th and October 16th, 3.54% of USDT’s total supply and 0.72% of USDC’s supply were moved to exchanges. According to the firm, another influx of USDT and USDC deposits into exchanges could lead to further market rallies before the year ends.
USDC is currently the second-largest stablecoin by market cap.
Santiment observes that traders are displaying signs of fear following a significant retracement in the altcoin markets. With two-thirds of the top 100 altcoins experiencing a downturn over the past week, there is a possibility of fear, uncertainty, and doubt (FUD) becoming prominent. However, this could present buying opportunities for those willing to “buy the dip.”
Hot Take: Whale Accumulation and Market Sentiment
As the largest Tether whales continue to accumulate USDT, it suggests a strong bullish sentiment in the market. Their increased buying power could potentially drive Bitcoin’s price beyond $40,000. Additionally, the movement of USDT and USDC to exchanges may pave the way for further market rallies before the year ends.
However, recent retracements in the altcoin markets have sparked fear among traders. This fear can create opportunities for investors looking to buy at lower prices. Keeping an eye on market sentiment and taking advantage of potential dips could be a strategic move in navigating the crypto landscape.
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