Crypto Whales Accumulating Dollar-Pegged Digital Assets, Says Santiment
A leading crypto analytics firm, Santiment, reveals that the largest whales in the industry are actively acquiring dollar-pegged digital assets. The combined market capitalization of the top six stablecoins, including Tether (USDT), UDSC, Dai (DAI), BUSD, TrueUSD (TUSD), and Pax Dollar (PUSD), has surged by $9.42 billion in just four months.
Santiment also notes that this increase in market caps is attributed to whales holding more than $5 million worth of digital assets, who have been accumulating significant amounts of stablecoins. These whales now hold over 50% of the total stablecoin supply.
The rise in stablecoin market caps is seen as a bullish sign for the crypto market, as it is considered a crucial factor for future rallies.
USDT Holders Sending Funds to Exchanges
Santiment observes that holders of USDT, the third-largest cryptocurrency by market cap, are sending their dollar-pegged digital assets to exchanges. This inflow of USDT to exchanges indicates that the crypto markets are preparing for further price surges.
The analytics firm suggests that this increase in buying power suggests the ongoing bull cycle could still have room to grow, especially with only 79 days left until the highly anticipated Bitcoin halving event scheduled for April 18th.
Bitcoin Halving and Current Price
The Bitcoin halving event is eagerly awaited as it reduces the issuance of new BTC to miners by half. At present, Bitcoin is valued at $43,439, experiencing a nearly 3% increase in the last 24 hours.
Hot Take: Crypto Whales Accumulate Stablecoins, Indicating Bullish Market
The accumulation of dollar-pegged digital assets by crypto whales, as reported by Santiment, suggests a positive outlook for the cryptocurrency market. The rise in stablecoin market caps and the inflow of USDT to exchanges indicate a potential for future price rallies. With the Bitcoin halving event approaching, which is anticipated to have a significant impact on the market, the current buying power and accumulation of stablecoins by whales could contribute to a sustained bull cycle. This news provides optimism for crypto investors and traders as they monitor the market in anticipation of potential opportunities.
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