thecryptobasic.com
Santiment analysts have found that top Tether addresses are increasing their $USDT holdings to buy Bitcoin and Ethereum At lower prices.
According to Santiment observations, the total value of stable coins at addresses with a balance of 10,000 $USDT to 1 million $USDT increased by $1.06 billion over the past month. This is an increase of 2.7% of the total Tether supply. In simple words, Top $USDT whales have added $1.06 billion $USDT increasing their buying power to purchase Bitcoin on dips or when it is cheaper.
Santiment is convinced that major players seek to acquire digital gold at a lower price. By accumulating stable coins, the whales are “increasing their purchasing power.”
Santiment writes: “Whales and sharks provide alpha through stable coin 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.”
Analysts also saw a net outflow of $BTC from centralized exchanges. In standard cases, when Bitcoin price falls, exchange flow grows as investors tend to sell their holdings because of falling markets. But in the case of $BTC, where prices are near the 6-month bottom, 21 of the past 26 weeks saw bitcoin moving off the exchanges that onto the exchanges, which shows long-term investors’ blind trust in Bitcoin.
Santiment says: “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.”
Santiment data also show positive signs for Ethereum. According to the information, despite price correction over the 6-month timeframe, top $ETH addresses holding 1M to 10M Ethereum have increased their holding by 2.2%, showing long-term and major holders’ confidence in the coin. Addresses with balances between 1M $ETH and 10M $ETH currently hold 21.6% of the total Ether supply.
According to Santiment: “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 six months despite the price correction.”
Data from whales stats show that over 1 Billion in $USDT was minted at Tether Treasury, increasing the buying power of market movers.
