Santiment analysts have observed a rise in the number of coins on large USDT addresses.
🐳🦈 Whales and sharks provide alpha through #stablecoin behavior, just as they do with their $BTC and #altcoin accumulation and dumping. In the last month, addresses with 10k to 10m #Tether have added $1.06b in buying power, 2.7% of the total supply. 🤑 https://t.co/nBa8wBvmKi pic.twitter.com/aGvs8rZX3x
— Santiment (@santimentfeed) March 6, 2022
According to their observations, over the past month the aggregate value of stablecoins on addresses with balances from 10,000 USDT to 1 million USDT rose by $1.06 billion. This accounts for 2.7% of the total supply of \”stablecoins\” from Tether.
The firm believes that large players are seeking to acquire digital gold at a lower price. By accumulating stablecoins amid a falling Bitcoin, the whales are \”building up their buying power\”.
Analysts also noted a net outflow of BTC from centralized exchanges over 21 of the past 26 weeks.
📊 #Bitcoin continues to see coins moving off of exchanges while prices are near a 6-month bottom. Interestingly, 21 of the past 26 weeks saw $BTC moving more off of exchanges than on to exchanges. Look for major outflow spikes as price rise indicators. https://t.co/Jl0GZqfBlF pic.twitter.com/6Btqp4F7Vl
— Santiment (@santimentfeed) March 7, 2022
In addition, experts noted a rise in Ethereum supply on \”whale\” addresses amid the price decline of the second-largest cryptocurrency.
🐳 #Ethereum‘s #billionaire addresses (holding 1m to 10m $ETH) have shown nice price alpha, historically. Currently, these addresses hold 21.6% of all $ETH. They have accumulated 2.2% more of the supply over the past 6 months despite the price correction. https://t.co/DVFx8xFHLq pic.twitter.com/j4C1WQ2asd
— Santiment (@santimentfeed) March 7, 2022
Addresses with balances from 1 million ETH to 10 million ETH currently concentrate 21.6% of the total ether supply.
Earlier, Glassnode analysts noted the resilience of Bitcoin holders amid the war in Ukraine.
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