- Crypto whales are turning to certain altcoins to secure their assets.
- USDT, USD Coin, and Dai are some of the stablecoins that big whales and sharks are running for.
The cryptocurrency market has taken several beatings from the SEC in recent days. After the regulatory body slammed two of the leading exchanges with a lawsuit, traders and investors responded by migrating to another exchange or withdrawing their cryptocurrency assets entirely.
However, in a recent report from the crypto intelligence platform Santiment, a significant number of crypto whales run to a specific altcoin for shelter.
It seems that market players are running to specific stablecoins including Tether (USDT) and the USD Coin to protect their assets.
While the market cap of some of the leading stablecoins peaked in March 2022, Santiment explains that a market cap increase could mean major addresses have made huge gains and are no longer supporting the market as they did during the previous bull run.
In relation to this point, Santiment is quoted as saying the following;
Large addresses can be a complicated topic when it comes to stablecoins. We like to see what stablecoin sharks and whales with between $100,000 and $10,000,000 do with their assets at any given time. And for most stablecoin sharks and whales, it looks like they’re headed in the right direction…
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Stablecoin market caps are falling, but big whales are not to blame
In particular, sharks and whales holding Tether have surged past 40 percent of the supply being held again. This is their largest amount since November 2021. Meanwhile, whales and big sharks going assets like USD Coin have secured more than 37 percent of the supply, which is the leathery amount since February 2023. On the other hand, big hands are holding Dai down slightly below 40 percent stock again; the largest amount since December 2020.
Santiment describes these numbers as staggering and further states that they are an indication that lathe owners have yet to cash in on the crypto. In fact, these whales are holding a significant portion of their assets in the form of stablecoins, waiting for the perfect starting point to return.
Moreover, this accumulation is stable. As far as whale transactions are allowed, there are no outliers in sudden large stablecoin movements. However, if it does, it’s a sign that the bottom is in.
In addition, the USD coin seems to have registered some dominant movement at the end of May. But overall, Santiment argues, it doesn’t look like the explosion of stagnant stablecoins moved the way they did in mid-March, which later turned out to spark a bull rally.
Stablecoin market caps may be falling a bit lately. But it doesn’t look like sharks and whales are sinking them. Therefore, we have encouraging signs showing that the key stakeholders with the most power in the markets are still ready to push crypto when the time is optimal for them.
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