As stablecoin transactions soar, whales are taking opportunity to buy BTC on the dip, recently shared data shows
Data provider Santiment tweeted that whales were moving around large amounts of dollar-pegged stablecoins as they took advantage of “best buying opportunities” to buy Bitcoin and other top cryptos.
Besides, traders’ funds are moving back into Bitcoin now as interest in altcoins is dropping along with their prices.
Transactions in whale stablecoins increase
According to a tweet posted by Santiment, as cryptocurrency markets plunged, whales transferred far more stablecoins than before – USDT, USDC, BUSD, etc.
The analytics team of the data vendor believes that this indicates that whales are taking their “best buying opportunities” to acquire crypto on the dip—presumably, Bitcoin, Ethereum and other cryptos.
Funds return to Bitcoin
Another tweet from Santiment says that as interest in altcoins wanes due to lower prices, traders are turning to Bitcoin to mitigate volatility in the market. Quite a number of altcoins have shown double-digit price declines in the past 24 hours.
Bitcoin drops 5%
Over the past 24 hours, the global flagship cryptocurrency, Bitcoin, has lost roughly 5% of its market value, causing the whole crypto market to lose 7.52%, making it drop from $2.131 trillion to $1.971 trillion.
Crypto journalist and blogger Colin Wu reported that the BTC price drop came after Fed officials discussed inflation, with another 50 basis point interest rate hike as a possible option. . This caused the Nasdaq index to drop almost 4.5% in two days and also pushed down the price of Bitcoin.
