- Whales with USDT from $10,000 and $10 million increased their buying power by 7% in the last month.
- Data from Santiment shows that these stablecoin whales have accumulated more than $1 billion.
- Some interpret this as a bullish outlook for the overall cryptocurrency market.
Whales with USDT holdings between $10,000 and $10 million added $1.06 billion worth of Tether to their wallets in the last month, thereby increasing their buying power by 7%. Whales have started accumulating more stablecoins while BTC hovers at 40% lower than its all-time high.
Recent data from Santiment shows that stablecoin whales with wallet holdings between 10,000 and 10 million Tether (USDT) have accumulated more than $1 billion in buying power in the recent month.
Whales Begin Accumulating USDT (Source: Santiment)
As can be seen by the image above, the market has shifted from the dumping of USDT towards the accumulation of the stablecoin.
This rush by whales to accumulate more stablecoins can be indicative of whales waiting to purchase BTC at a lower price, which is bullish for the overall cryptocurrency market. Another key statistic that corroborates the bullish outlook on the cryptocurrency market is the large outflow of BTC from exchanges.
Over the last 26 weeks, 21 of the weeks have seen a higher outflow of BTC than an inflow of cryptocurrency into exchange platforms. According to market analysts, the reason behind Bitcoin’s sluggish price momentum is the cryptocurrency’s correlation with the S&P 500.
However, analysts forecast that BTC will break its correlation with the stock market and will rise to new heights towards the middle of the third quarter, simulating the trend witnessed in the first half of 2021.