Bitcoin (BTC) has recently been facing some selling pressure and trading in a tight range betwixt $26,500-$27,500 for a time. The volume of trading and liquidity for Bitcoin (BTC) have dried up with exchange inflows hitting new lows.
Amid the present subdued performance of Bitcoin, sharks and whales have started accumulating crypto altcoins and crypto stablecoins. On-chain data provider Santiment reports:
As sharks & whales remains stable on their #Bitcoin holdings, we are seeing that # crypto stablecoins have been accumulated by these large holders, increasing their future implied buying power.
The most broadly accumulated crypto stablecoins include USD Coin, Binance Crypto exchange USD, and the DAI Crypto Stablecoin. The $100k-$10m whale addresses hold 37 percent USDC, 6 percent BUSD, and 39 percent DAI.