Crypto Whales and Sharks Rapidly Eating Up Top Stablecoins for Past Month During Market Bounce: Santiment

Giant crypto addresses have been accumulating stablecoins amid the crypto volatility in April, in response to the analytics agency Santiment.

Santiment notes that shark and whale wallets, or addresses holding between 100,000 and 10 million of the stablecoin Dai (DAI), have acquired 6.4% of the asset’s provide since their DAI holdings bottomed out six weeks in the past.

Based on Santiment, shark and whale addresses are growing their dry powder because the crypto markets enter a interval of consolidation.

Supply: Santiment/Twitter

DAI, the fourth-largest stablecoin, briefly misplaced its desired $1.00 peg over a three-day interval in March and fell to an all-time low of $0.881.

The stablecoin recovered rapidly and has largely maintained its $1.00 worth since then, although it’s buying and selling at $0.997 at time of writing.

Santiment additionally notes that Bitcoin (BTC) and Ethereum (ETH) merchants who had been late to the rally are consuming up losses as the 2 main crypto belongings strikes beneath $30,000 and $2,000, respectively.

Based on the analytics agency, BTC and ETH are witnessing “traditionally excessive” loss transactions, which it says may mark an area backside for the crypto markets.

“Since Thursday, merchants are transferring cash beneath costs they obtained them at 3 times as usually as above. Traditionally, when this ratio is beneath breakeven, it’s a good signal of capitulation that can usually mark (at the least momentary) worth bottoms.”

Supply: Santiment/Twitter

Bitcoin is buying and selling at $27,529 at time of writing. The highest-ranked crypto asset by market cap is down 0.65% prior to now day.

Ethereum is buying and selling at $1,841 at time of writing. The second-ranked crypto asset by market cap is down 1.4% prior to now 24 hours.

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