A well-known analytics firm that studies whale behavior has shared which cryptocurrencies are bought by major wallets selling Bitcoin.
Bitcoin whales prefer to buy these altcoins
Analytics platform Santiment reveals where major Bitcoin investors keep their cash. The current metrics come at a time when the cryptocurrency market is dominated by bears. According to Santiment, the Fed’s rate hikes and the bleak economic environment are causing crypto whales to invest in US and international government debt. According to Santiment analysts:
The fact that major stablecoin market caps rose through May of this year was one of the things that encouraged investors. But when the Federal Open Market Committee (FOMC) concerns about rate hikes and calm began to really take over the speculative decisions of investors, it became much more difficult for major investors to justify keeping such heavily dollar-pegged crypto on the sidelines.
Santiment also said that whales are moving away from the cryptocurrency market. Firm analysts say this is due to the uncertain macroeconomic environment:
“The outcome is very likely that these big institutions and whales keep their money in US and world treasuries instead. Crypto is not very attractive to them (for now) with so much uncertainty going on through 2022.”
Volume of stablecoins at buy month’s low
Santiment stated that the total market capitalization of the market’s largest stablecoins, Tether (USDT) and USD Coin (USDC), is at 10-month lows. Analysts say their rebound will mean a rally for Bitcoin and Ethereum:
“Bulls will want to watch and see if the biggest stablecoins start to see their market caps rise once again. If they do, Bitcoin and crypto prices could justify an increase even if the whale supply of BTC and Ethereum remains low.”
Koindeks.com As you follow, BTC is currently trading at $ 20,700. It has remained stable compared to the last 24 hours. 8% green since last week. The market’s total value is quickly consolidating below the $1 trillion threshold.