Cryptocurrency analytics platform Santiment reveals that profits from bitcoin whales were not paid out in fiat currencies after last year's bull market ended. This suggests that they may have used the cryptocurrencies to purchase other cryptocurrencies or assets instead.

According to Santiment, many bitcoin whales converted their profits into stablecoins when the 2021 bull market ended.

According to the analytics platform, the number of stablecoin addresses holding more than $100,000 worth of crypto assets has increased by 53% to 1,689% in a year.

In 2021, bitcoin whales dumped the digital currency, but instead of converting to fiat, they invested in stablecoins. These stablecoins, like USDT, USDC, DAI, and BUSD, have seen their value increase significantly with new major addresses.

Santiment has found that the number of major Tether (USDT) addresses has increased by 53% in a year, while the number of deep-pocket Dai (DAI), USD Coin (USDC) and Binance USD (BUSD) addresses has increased by 271 %, 926% and 1,689% respectively.

According to Santiment, smart contract protocol whales like Cardano (ADA) added over $60 million worth of the digital asset after unloading it late last year.

Cardano is experiencing a mini-surge right now, and a key indicator of a price breakout could be that they are holding between 1 million and 100 million ADA. After shedding 568.4 million coins in the last two months of 2022, they added back 217.2 million ADA at the beginning of 2023.

Currently, the $ADA price is $0.2769 at the time of writing.

#Bitcoin #Btc #ADA #Crypto