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- Whale custody holds more than half of all stablecoins.
- Since the beginning of this year, stablecoin exchange reserves have increased significantly.
The increase in reserves is one of the most bullish signs for the cryptocurrency market. Stablecoins. They are used extensively to purchase other crypto currencies, while maintaining the value of fiat currency.
Whales collect stablecoins
On-chain Analytics Firm SantimentOver the last three weeks, stablecoins worth more than $5,000,000 have been accumulating in whale wallets.
In fact, over the last three weeks, the group has acquired more than 5 percent of all the coins in circulation, such as USDT, USDC DAI and TUSD. On the first of April more than 55 percent of all stablecoins were held by whales.
Santiment
The buying pressure will increase
Santiment accepted the idea that whales may be waiting to see if the market corrects itself significantly before they buy large and increase their wealth. Bitcoin [BTC] positions.
The market did reverse its trend on April 1. AMBCrypto examined CryptoQuant’s data, and found net stablecoin flows to cryptocurrency exchanges. This lends credence to AMBCrypto’s narrative.
Source: CryptoQuant
Since the beginning of this year, stablecoins reserves have increased significantly on exchanges. Nearly 20.36 billion bitcoins were in exchange wallets as of the time this article was written, which is the highest amount in over a year.
In the past, a sharp rise in Bitcoin market value has been preceded by a rapid increase in the stablecoin deposit rate. There was therefore a greater likelihood that Bitcoin would rebound and experience increased volatility in the coming two to three weeks.
Source: CryptoQuant
The top stablecoins will be in high demand by 2024
The global stablecoin market cap continued to grow, surpassing $143 billion in the first time that it has been done since 2022. USDT and USDC were the leading currencies in this recovery.
USDT has continued to grow at a rapid rate, with YTD growth of 13%, bringing the market value up to $104 billion.
After a year of major declines, USDC has seen a 33% increase in YTD sales to $32 Billion.
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