While the concerns regarding a centralized financial market are raised, the chances of decentralized finance taking over are growing too. Along with Cryptocurrencies and Central Bank Digital Currencies (CBDCs), Stablecoins too take a chance to meet the market’s demand.
Now, Santiment, one of the crypto analytics platform, claims that Sharks or also known as large stablecoin holders, have turned their attention to converting USDC and USDT to Bitcoin, Ethereum, or any other top cryptocurrencies instead. has shifted towards maintaining its position.
These stablecoin sharks are wallets that hold between $10,000 and $100,000 USDC or USDT. Also these sharks are the ones whose actions are taken for research.
As reported by Santiment, these investors act as correspondents to the middle class of the cryptocurrency market. This is because on one hand they are seen as rich giants and at the same time it is seen that they are not rich with a lot of wealth.
Their latest aggressive purchase of stablecoins is a sign of their quest to find consistency in a somewhat devalued cryptocurrency market. This also represents their generally gloomy view.
Watch Stablecoins Supply Increase
With regard to stablecoin liquidity in the cryptocurrency market, there has been an increase in the number of views and perspectives lately.
Most experts and analysts are of the opinion that stablecoins have seen an increase in their supply and this is a positive signal for the market. Binance, CEO of CZ believes that stablecoins are like a powder for the crypto market when the situation arises. However, it’s also important to keep note of the stablecoin supply. If the supply increases it will not meet buyers and in turn, there will be a downfall risk.
