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The on-chain analytics platform, Santiment, shared on Twitter today that stablecoins are being accumulated by key whale and shark wallets as the price of Bitcoin (BTC) remains below $30,000. Santiment’s data indicated that stablecoins such as Dai (DAI), Binance USD (BUSD), USD Coin (USDC), and Tether (USDT) are being targeted by these large holders.
💸 Key #whale & #shark #stablecoin wallets appear to be loading up during #Bitcoin's visit below $30k here at the end of the month. #Tether, #USDCoin, #BinanceUSD, & #Dai are all seeing supply shifting into these key wallets. Explore more with Sanbase PRO. https://t.co/vnmD8qjcov pic.twitter.com/2PB5HAgoj9
— Santiment (@santimentfeed) July 31, 2023
It is also worth noting that the year-to-date (YTD) market shares for some of the largest stablecoins in the cryptocurrency market have seen some drastic changes over the past year. This was according to a Twitter post made yesterday by the well-known cryptocurrency trader and analyst, Ali.
Stablecoins have seen a drastic change in market share year-to-date:$USDT went from 49.48% to 68.87% 📈$USDC went from 33.27% to 21.91% 📉$BUSD went from 12.36% to 3.13% 📉$DAI went from 4.29% to 3.76% 📉$TUSD went from 0.56% to 2.31% 📈 pic.twitter.com/Rkz4NL5dsE
— Ali (@ali_charts) July 30, 2023
According to the post, only Tether (USDT) and TrueUSD (TUSD) saw their market shares increase over the past year. Ali’s data indicated that USDT’s market share went from 49.48% to 68.87% YTD, while TUSD saw its market share increase from 0.56% to 2.31%.
Meanwhile, USD Coin (USDC), Binance USD (BUSD), and Dai (DAI) saw their market shares drop. Ali’s post revealed that USDC’s YTD market share went from 33.27% to 21.91%. Additionally, BUSD’s YTD market share dropped from 12.36% to 3.13%. Furthermore, the YTD market share for DAI fell from 4.29% to 3.76%.
In related news, the market tracking website CoinMarketCap indicated that the volume of all stablecoins stood at around $23.31 billion at press time. This constituted 87.52% of the total cryptocurrency market’s 24-hour volume. USDT was the largest contributor to this statistic as it posted the highest amount of 24-hour trading volume heading into the new week.
This was after the stablecoin saw its intraday volume increase by more than 46% throughout the past day, which left it standing at $17.5 billion. Meanwhile, USDT’s market cap stood at approximately $83,805,689,446.
At press time, TUSD was trading slightly below the Dollar at $0.9986. On the other hand, the stablecoin’s 24-hour trading volume stood at $1,940,935,586, which was a 49.63% increase from the previous day. TUSD’s market cap of $3,052,987,266 meant that it was ranked as the 26th largest cryptocurrency in terms of market capitalization.
BUSD saw its trading volume rise by only 25.06%, which left it standing at around $1,244,328,598 at press time. Meanwhile, both DAI and USDC saw their trading volumes rise by more than 60% over the past day of trading.
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