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Whales' stablecoin buying power grew over 7% in one month: Here's what it means

2022/03/07 13:56

According to data from Sentiment, stablecoin whales with wallet holdings of 10,000 to 10 million Tether (USDT) have accumulated over $1 billion in buying power in the past month. The data indicates the buying power of these whales increased by over 7% in just one month. According to Cointelegraph, buying power is defined as the capacity of stablecoins to buy Bitcoin and thereby driving its price higher. When the price of Bitcoin is low, the stablecoin supply is able to purchase a bigger share of the circulating BTC supply, causing the price to rise, thus buying power is high and vice versa. The significant accumulation of stablecoins by whales indicates they are waiting to buy BTC at a lower price, showing a bullish outlook for the market. The outflow of BTC from exchanges also supports this sentiment. Out of the past 26 weeks, 21 weeks have seen a higher flow of BTC supply away from exchanges than on to it.
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