Connect with us
Active Currencies 14297
Market Cap $2,524,031,797,033.80
Bitcoin Share 51.73%
24h Market Cap Change $0.34

Whales accumulate stablecoins- Here’s why its bullish for Bitcoin

2min Read

Whales are amassing stablecoins, hinting at a potential surge in Bitcoin accumulation. With growing user numbers and mixed price signals, crypto markets anticipate a transformative shake-up.

Whales accumulate stablecoins- Here's why its bullish for Bitcoin

Share this article

  • Over $228 million in stablecoins left the exchanges as whale accumulation intensified.
  • Bitcoin is poised for accumulation as it trends around $30,000.

Traders are keeping a close eye on the current Bitcoin price range, while the actions of the whales are capturing particular attention. These players appear to be increasingly interested in the price trend as they intensify their accumulation of stablecoins. Considering this recent surge in stablecoin accumulation, will we also witness a surge in BTC accumulation?

Read Bitcoin (BTC) Price Prediction 2023-24

Massive Bitcoin and altcoin accumulation looming?

Recent data from Santiment revealed a noteworthy surge in the accumulation of stablecoins, specifically Maker DAI and USDP, on 12 July. Santiment’s distribution supply chart, which tracks the range between 100,000 and 100 million coins, recorded increased stablecoin holdings. In the case of DAI, approximately 2% of its entire supply has been added since 27 July. Also, USDP witnessed an addition of around 11% since 2 July. 

stablecoins distribution supply

Source: Santiment

According to Santiment, this accumulation suggested preparations for a significant future crypto purchase, potentially involving the accumulation of Bitcoin.

Additionally, an analysis of stablecoin netflow on Crypto Quant showed a prevailing outflow trend on 12 July. The total observed outflow surpassed $228 million, indicating that traders were actively accumulating stablecoins, corroborating the statistics provided by Santiment.

stablecoins netflow

Source: CryptoQuant

Number of Bitcoin holders to trend upward

Recent reports indicated a growth in the number of Bitcoin addresses, indicating an increasing user base joining the network. The ongoing surge in stablecoin accumulation could potentially contribute to further growth in the user count. 

Another metric that is likely to experience an uptick once the accumulation begins is the number of holders. According to data from Santiment, the total number of holders has been steadily increasing since the beginning of the year. Notably, the chart suggested that more holders were added as the price of BTC rose. Currently, the total number of holders is nearly 48 million, showing no signs of a downward trend as of this writing.

Total number of Bitcoin holders

Source: Santiment

BTC flashes bull and bear trends

On 12 July, a daily analysis of Bitcoin revealed that the price briefly surpassed the $31,000 mark but ultimately closed at $30,486, incurring a loss. As of this writing, Bitcoin was trading near $30,600, exhibiting a modest gain of less than 1%.

How much are 1,10,100 BTCs worth today

The overall trend appeared to be predominantly sideways, with key support levels identified around the $29,000 and $28,000 price ranges. The short Moving Average (depicted as the yellow line) represented one of the supports at the $28,000 level. 

The Moving Average Convergence Divergence (MACD) indicator showed a bearish divergence. Simultaneously, the Relative Strength Index (RSI) indicated a bullish trend at the time of writing.

BTC/USD price trend

Source: TradingView


Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.