Bitcoin whales dumped BTC as the market reversed and parked their gains in this crypto asset class: Santiment
Crypto analytics platform Santiment reveals that Bitcoin (BTC) whales’ gains were not paid out in fiat currencies after last year’s bull run ended.
Santiment says that at the end of the 2021 bull market, Bitcoin whales converted their profits into stablecoins.
According to the analytics platform, the number of stablecoin addresses holding over $100,000 worth of dollar-pegged crypto assets has increased by 53% to 1,689% in a year.
“It’s no secret that bitcoin’s whales were thrown when crypto markets were retraced in 2022. But instead of cashing in fiat, 2021’s profits are sitting in stablecoin wallets. As illustrated, USDT, USDC, DAI and BUSD have exploded with new large addresses.”
Source: Santiment/Twitter
Santiment reveals that the number of major Tether (USDT) addresses has increased by 53% in one year, while the number of deeply inserted Dai (DAI), USD Coin (USDC) and Binance USD (BUSD) addresses has increased by 271% has increased. , 926% and 1,689% respectively over the same period.
Regarding Cardano (ADA), Santiment says that whales of the smart contract protocol added over $60 million worth of ADA after unloading the digital asset late last year.
“Cardano is seeing a small surge at this hour, and addresses with salaries between 1 million and 100 million ADA can be a key validator to watch for a price breakout. After issuing 568.4 million coins in the last two months of 2022, they added 217.2 million ADA to start 2023.”
Cardano is trading at $0.277 at the time of writing.
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