Whale accounts are accumulating stablecoins, potentially in preparation for buying crypto again, according to on-chain data, with USDC and DAI being the favored stablecoins.
On-chain data implies that whale accounts have been stashing crypto stablecoins recently. The move may be in preparation to begin buying cryptocurrency again.
On May 24, on-chain analytics provider Santiment informed that big bag holders are not buying much Bitcoin (BTC) as of now. Instead, they have been loading up on crypto stablecoins, favoring USDC and DAI.
“As sharks and whales remains stable on their Bitcoin (BTC) holdings, we are seeing that crypto stablecoins have been accumulated by these large holders, increasing their future implied buying power.”
Reports by the data, 37 percent of wallets holding betwixt $100,000 and $10 Million hold USDC. Furthermore, 39 percent of wallets in the same cohort are holding MakerDAO’s DAI crypto stablecoin. Just 6.4 percent of whale wallets were holding Binance Crypto exchange USD (BUSD). There was no data on Tether (USDT) holdings.