2023-07-31 06:30:30 ET
The latest stats show a significant development from dip-pocketed
stablecoin
holders. That analytic platform reveals that whales have accumulated BinanceUSD,
Dai
,
USDCoin
, and
Tether
lately.
However, the stablecoin wallet holder trend coincides with
Bitcoin
’s latest plunge beneath $30,000. Could whales be capitalizing on BTC discounts in anticipation of price rebounds?
Whales accumulating stablecoins
The uptick in stablecoin holdings among crypto whales amid Bitcoin’s slide has triggered speculations that key market participants could be investing in BTC, expecting possible rebounds. Stablecoins remain essential during market volatility due to their stability.
Invezz.com reported how significant crypto players scooped stablecoins after Bitcoin displayed strength following US CPI data early this month (
read more
). Investors accumulated USDP and DAI as the leading crypto wavered between $31K and $30K, increasing the probability of massive buys in the future.
Stablecoin accumulation and Bitcoin’s potential rally
Stablecoin accumulation by top market participants often suggests bullish trends for Bitcoin. Whales have a significant influence within the crypto sector (due to their massive holdings). If these players switch their stablecoin balances into BTC, surged demand might trigger upsurges in the leading crypto.
Meanwhile, Tether, USDC, and BUSD have seen their market cap drop by 0.03%, 0.05%, and 0.02%, respectively, within the past 24 hours.
What next for the Bitcoin price
As a rule of the game, caution remains paramount when interacting with cryptocurrency assets. Sudden selling from whales could lead to price declines, confirming the influence of these players in the crypto world.
Cryptocurrency prices
showcased minor movements over the past day. Bitcoin traded at $29,389 at press time, with a 0.32% 24hr surge. The bellwether crypto gained 0.21% in the last seven days.
The post
Bitcoin (BTC) outlook as key whales increasingly accumulate stablecoins
appeared first on
Invezz
.
