According to Santiment data, crypto markets are showing promising signs of recovery after the post-Christmas slump. Especially large investors, namely whales, are moving large amounts of stablecoins to centralized exchanges (CEX). In the last 24 hours, 7 different deposits worth more than $9 million to Binance are noteworthy. In one of these transfers, $50 million worth of FDUSD was used, which corresponds to 2.33% of the total supply of FDUSD.
These large stablecoin movements are said to be related to Binance’s new Bioprotocol BIO Launchpool project. When new projects are listed on the launchpool, investors usually try to earn these altcoins by “farming” them by locking up their BNB and stablecoins. The movements of FDUSD also seem to support this strategy.
Santiment’s deposit data on centralized exchanges indicates a period of increased stablecoin transfers. This could indicate that whales are preparing for potential buying by mobilizing liquidity. Such stablecoin movements are often seen as a signal that could trigger a price increase in the markets. However, it is not certain that these transfers will immediately turn into a buying wave.
This stablecoin movement in the last days of 2024 is considered a positive indicator for the markets. If whales use this liquidity, a large-scale increase can be observed in the crypto market. However, it should be noted that investors should be careful and follow market movements closely.