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Analysts called the reason for the accumulation of “whales” of the crypto market of stablecoins

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Santiment: “whales” have accumulated stablecoins in anticipation of the right moment to enter the crypto market /

Growth in stablecoin market cap could mean increased purchasing power to buy bitcoin or altcoins in the future, analysts say
“Whales” keep their assets in stablecoins in anticipation of a new entry into the crypto market, according to Santiment. Analysts noted that large players hold large amounts of stablecoins without converting them into fiat money, which indicates their desire to invest again in bitcoin and altcoins, waiting for the right moment.

The combined market capitalization of stablecoins, according to Santiment, is now $122.68 billion. There are two different ways to look at this in terms of measuring the state of the markets, the experts explain.

An increase in the market capitalization of stablecoins could mean that bitcoin and altcoins are selling off. This may be a sign that large addresses have made significant profits and are no longer supporting the cryptocurrency markets.
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On the other hand, an increase in the market capitalization of stablecoins may indicate an increase in purchasing power to purchase bitcoin or altcoins in the future. If bitcoin and altcoins fall, but the market capitalization of stablecoins rises, this increases the likelihood of a market recovery whenever these stablecoins are converted back into BTC and altcoins, the experts write.

According to Santiment, 40% of Tether (USDT) supply is currently held by market sharks and whales (wallets with balances between $100,000 and $1 million), the highest since November 2021. They also own 37% of the USD Coin (USDC) supply, the highest since February 2023, and just under 40% of the Dai (DAI) supply, the highest since December 2020.

Permanent leader. Why USDT Stablecoin Market Share Continues to Grow

According to analysts, these “pretty staggering numbers” indicate that large holders have definitely not cashed out the cryptocurrency. They simply hold most of their assets in stablecoins, waiting for the right time to return to the market, experts believe.

The market capitalization of stablecoins may decline slightly, but it doesn't look like it's the sharks and whales that are causing them to sink, Santiment says. Analysts believe that the key stakeholders with the most power in the markets are still willing to increase their holdings of cryptocurrencies when the time is right.

In early June, the leading stablecoin USDT restored its capitalization to its maximum values, which it reached at the beginning of last May at $83.2 billion. USDC capitalization is now $28.4 billion, Binance USD (BUSD) - $4.8 billion, DAI - $4, 5 billion, and TrueUSD (TUSD) is $2 billion.
 
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