Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment
Crypto analytics platform Santiment is revealing that profits made by Bitcoin (BTC) whales after the bull run ended last year were not cashed in fiat currencies.
Santiment says that as the bull market ended in 2021, Bitcoin whales converted their gains into stablecoins.
According to the analytics platform, the number of stablecoin addresses holding over $100,000 in dollar-pegged cryptocurrency assets has grown by 53% and 1,689% in a year.
“It’s no secret that Bitcoin whales jumped as crypto markets rebounded in 2022. But instead of being cashed out in fiat, 2021’s profits are sitting in stablecoin wallets. As illustrated, USDT, USDC, DAI and BUSD have exploded with large new addresses.”
Santiment reveals that the number of large Tether (USDT) addresses has increased by 53% in a year, while the number of deep-pocketed Dai (DAI), USD Coin (USDC) and Binance USD (BUSD) addresses has increased by 271%. respectively 926% and 1,689%, in the same period.
Turning to Cardano (ADA), Santiment says whales of the smart contract protocol have added over $60 million to ADA following the digital asset’s offload late last year.
“Cardano is enjoying a mini-boom this hour, and addresses holding between one million and 100 million ADAs could be a prime validator to watch for a price explosion. After dropping 568.4 million coins in the last two months of 2022, they have added 217.2 million ADA to start 2023.
Cardano is trading at $0.277 at the time of writing.
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