What Whales Are Doing As They Accumulate Up to 5% of Stablecoin Supply
On-chain data shows that whales have purchased approximately 5% of the stablecoin's supply over the past three weeks.
Whales have been gobbling up Stablecoin supply lately
According to data from on-chain analytics firm Santiment, whales have been rapidly accumulating major stablecoin supply recently. Whales here refer to investors who hold at least $5 million in cryptocurrency.
The “main” stablecoins here include Tether (USDT), USD Coin (USDC), BUSD (BUSD), Dai (DAI), TrueUSD (TUSD), and Pax Dollar (USDP).
In that same chart, Santiment also included data on the total market capitalization of stablecoins, and it appears that this metric is also increasing over the same period.
In total, whales have accumulated more than 5% of the total supply of these major stablecoins into their wallets over the past three weeks, a very impressive figure.
What does this accumulation of whales mean for the cryptocurrency sector? There are generally two reasons why whale holdings could increase.
First, there could be a large amount of new money entering the market through stablecoins. Second, whales are selling highly volatile coins seeking safety in stablecoins.
Responding to a user under this X post, Santiment also noted that Bitcoin accumulation from whales has been quite strong recently.
