On Wednesday, December 14, the broader cryptocurrency market came under selling pressure with Fed raising interest rates by 50 basis points. However, this selling remains contained as the rate hike was quite on the expected lines.
On-chain data shows that whales are back in action and have been accumulating across stablecoins including USDT, USDC, BUSD, and DAI. These addresses accumulating stablecoins are typically those with $100,000 to $10,000,000.
Courtesy: Santiment As we can see in the above image, the lines for stablecoins holdings are all going up. This shows that big players are coming back into the crypto market and the buying power is overall increasing.
As we can see from the above images, there have been massive jumps in the $100k to $10m wallets for USDT and BUSD. In the last three days alone, key USDT wallets have accumulated $817.5 million more in buying power. Similarly, the key BUSD addresses have accumulated $104.9 million more in buying power.
On-chain data provider Santiment states that these are typically great signs after the recent FTX episode. These accumulation patterns hint that the trust in the broader crypto space still remains intact.
Bitcoin Whales Change Course
Over the last 14 months, we have been seeing that Bitcoin whales have been reducing the supply and the price drop has followed in tandem. However, there’s a fresh change in the Bitcoin whale behavior witnessed this week. The Santiment report notes:
“We have seen 159 new addresses holding between 100 to 10,000 BTC in just the past three weeks. This is the fastest growth of these addresses in 10 months. 40,747 more Bitcoin (worth $726 million) have collectively entered these key whale wallets in just the past 9 days”.
