Crypto analytics platform Santiment is revealing that the gains made by Bitcoin (BTC) whales after the end of the bull run last year were not cashed out into fiat currencies.
Santiment says that as the bull market ended in 2021, 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 between 53% and 1,689% in one year.
“It’s no secret that Bitcoin’s whales dumped as crypto markets retraced in 2022. But instead of cashing to fiat, 2021 profits are sitting in stablecoin wallets. As illustrated, USDT, USDC, DAI and BUSD have exploded with new large addresses.”
Santiment reveals that the number of large Tether (USDT) addresses has increased by 53% in one year, while the count of deep-pocketed Dai (DAI), USD Coin (USDC) and Binance USD (BUSD) addresses has gone up 271%, 926% and 1,689%, respectively, over the same period.
Turning to Cardano (ADA), Santiment says that whales of the smart contract protocol have added over $60 million worth of ADA after unloading the digital asset late last year.
“Cardano is enjoying a mini-surge at this hour, and addresses holding between one million to 100 million ADA may be a main validator to watch for a price breakout. After dumping 568.4 million coins the final two months of 2022, they have added back 217.2 million ADA to start 2023.”
Cardano is trading at $0.277 at time of writing.
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Source: https://dailyhodl.com/2023/01/07/bitcoin-whales-unloaded-btc-as-market-reversed-and-parked-their-profits-in-this-crypto-asset-class-santiment/