Crypto Whales Back to Holding More Than Half of Combined Stablecoin Supply: Santiment – Crypto News – Crypto News
Connect with us
Crypto Whales Back to Holding More Than Half of Combined Stablecoin Supply: Santiment Crypto Whales Back to Holding More Than Half of Combined Stablecoin Supply: Santiment

others

Crypto Whales Back to Holding More Than Half of Combined Stablecoin Supply: Santiment – Crypto News

Published

1 year ago

on

A leading crypto analytics firm says the largest whales in the industry are busy loading up on dollar-pegged digital assets.

Santiment says on the social media platform X that the combined market capitalization of the six largest stablecoins including Tether (USDT), UDSC, Dai (DAI), BUSD, TrueUSD (TUSD) and Pax Dollar (PUSD) has risen by $9.42 billion in just four months.

The analytics firm also notes that the increase in the market caps of the dollar-pegged crypto comes as whales holding more than $5 million worth of digital assets gobble up massive amounts of stablecoins.

According to Santiment, the whales now hold more than half the combined stablecoin supply.

The analytics firm highlights that the rise in stablecoin market caps has bullish implications for crypto, calling it a “necessary ingredient” for the markets to witness more rallies.

Source: Santiment/X

Taking a closer look at the activities of USDT owners, Santiment says holders of the third-largest crypto by market cap are sending their dollar-pegged digital assets to exchanges. According to Santiment, the USDT inflows to exchanges suggest that the crypto markets are gearing up for more rallies.

“As Bitcoin’s and Ethereum’s respective supplies have continued moving off exchanges after the ETF (exchange-traded fund) approvals, an interesting development has been Tether seeing nearly 4% of its available supply come back to exchanges in five weeks.

The increase in buying power implies that the mid-term three+ month bull cycle (starting back in October) could still have some legs, particularly with just 79 days until the Bitcoin halving, estimated to occur on April 18th.” 

Image
Source: Santiment/X

The Bitcoin halving is a highly anticipated event as it is a time when the issuance of new BTC to miners gets cut in half.

At time of writing, BTC is worth $43,439, up nearly 3% in the past day.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending