Santiment, a cryptocurrency analytics platform, revealed that Bitcoin (BTC), whales’ gains after last year’s bull run did not convert into fiat currencies.
Santiment says As the bull market ended in 2021 Bitcoin whales converted all their profits into stablecoins.
According to the analytics platform the number stablecoin addresses that hold over $100,000 worth dollar-pegged cryptocurrency assets has increased by between 53% & 1,689% in one calendar year.
“It’s no secret that Bitcoin’s whales dumped as crypto markets retraced in 2022. However, instead of cashing in fiat, 2021 profits have been sitting in stablecoin accounts. As illustrated, USDT, USDC, DAI and BUSD have exploded with new large addresses.”
Santiment shows that large Tether (USDT), addresses have increased by 53% in a single year while deep-pocketed Dai, USD Coin (USDC), and Binance USD addresses (BUSD) has increased 271%, 9266%, and 1,689% respectively over the same time period.
Santiment, Turning to Cardano says After dumping the digital asset late last yea, the smart contract protocol whales have gained over $60 million in ADA.
“Cardano is enjoying a mini-surge at this hour, and addresses holding between one million to 100 million ADA may be a main validator to watch for a price breakout. After dumping 568.4 million coins the final two months of 2022, they have added back 217.2 million ADA to start 2023.”
Cardano trades at $0.277 as of the writing.
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