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Crypto Whales are Storing Funds in Global Treasuries: santiment By CoinEdition

Crypto Whales are Storing Funds in Global Treasuries: Santiment
  • Over the last year, crypto whales have been dumping BTC.
  • BTC’s price is down 58% from its ATH that was set in November 2021.
  • Large investors may not be interested in crypto due to its high level of uncertainty.

Santiment, a blockchain analytics company, has discovered that (BTC-) whales have been disposing of their crypto market leader holdings over the past 12 months. The report also covers where these funds have been since May of this Year.

The insights report shows that large institutional holders and large whale addresses have been selling off their BTC holdings over the past year. This comes after they had been in an accumulation stage up to late last year.

Market caps of USDT or USDC (Source: CoinMarketCap

Fast-forward a year later, BTC’s price is down 58% from its all-time high (ATH) that it set last year in November. Now the market is waiting to see if whales will return to push prices higher after this prolonged period.

One thing that was encouraging traders was the fact that large stablecoin markets caps were growing through May this year. However, when FOMC interest rate hikes and recession scares began to really influence investors’ speculative decisions, it became increasingly difficult for large holders to justify keeping such large amounts of dollar-pegged crypto on the sidelines.

Large institutions and whales will most likely keep their money in the U.S. or world treasuries, as crypto is too attractive to them right now with all the uncertainty that has entered global financial markets over the course of this year.

The report concluded that traders and investors should be aware of the market caps for the largest stablecoins to determine if they increase. If they do pick up, then a rise is justified in crypto prices.

Coin Edition published the article Crypto Whales Storing Global Treasuries Funds: Santiment.

See original on CoinEdition

News Source and Credit

Stocksak Editorial

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