Whales Taking "Best Buying Opportunities" as Stablecoins Transactions Spike: Santiment

Santiment data vendor has tweeted that whales have been moving around large amounts of dollar-pegged stablecoins as they are taking the "best buying opportunities" to buy Bitcoin and other top cryptos.

Besides, traders' funds are moving back into Bitcoin now as interest in altcoins is dropping along with their prices.

Whale stablecoin transactions increase

According to a tweet posted by Santiment, as the cryptocurrency markets have plunged, whales have been transferring a lot more stablecoins that before—USDT, USDC, BUSD, etc.

The analytics team of the data vendor believes that this indicates that whales are taking their "best buying opportunities" to acquire crypto on the dip—presumably, Bitcoin, Ethereum and other cryptos.

Funds moving back into Bitcoin

Another tweet from Santiment says that as interest in altcoins is declining due to a fall in price, traders are turning back to Bitcoin to mitigate volatility on the market. Quite a large amount of altcoins have shown a double-digit decline in price over the past 24 hours.

Bitcoin drops 5%

Over the past 24 hours, the global flagship cryptocurrency, Bitcoin, has lost roughly 5% of its market value, causing the whole crypto market to lose 7.52%, making it drop from $2.131 trillion to $1.971 trillion.

Crypto journalist and blogger Colin Wu has reported that the drop of the BTC price occurred after the discussion made by Fed officials regarding inflation, with another interest rate hike by 50 basis points as a possible option. This made the Nasdaq index drop almost 4.5% within two days and pushed the Bitcoin price down as well.

Source: u.today