Blockchain data shows that cryptocurrency whales have been “massively” accumulating stablecoins including Binance USD, DAI, and Tethers USDT, all while Bitcoin whales have been adding to their war chests as well.
According to on-chain analytics firm Santiment, Bitcoin addresses with between 100 and 10,000 $BTC have bought a total of $726 million worth of the flagship cryptocurrency over the past nine days, while stablecoin holdings between $100,000 and $10 million are also “rising fast.”
In a blog post, the on-chain analytics firm added that there are currently over 15,840 addresses with between 100 and 10,000 BTC, out of a total of over 43.46 million total addresses on the flagship cryptocurrency’s network.
This means whales make up 0.0364% of all BTC addresses, and the firm added that when the ratio of whale addresses rises, it theoretically implies “there is more interest in a rise from the kinds of traders who are not only millionaires, but are used to using their capital to get what they want.”
On top of that, the number of Bitcoin addresses holding between 100 and 10,000 BTC has increased by 159 in the past three weeks, the fastest growth in these addresses in 10 months, the firm wrote.
According to the firm the recent BTC accumulation coupled with the massive stablecoin accumulation means that cryptocurrency whales are starting to build up their positions as buying power increases.
As CryptoGlobe reported, some investors are still bullish on BTC. Earlier this month billionaire investor Tim Draper, the founder of Draper Associates and one of Silicon Valle’s best-known investors, doubled down on his $250,000 Bitcoin price prediction, saying the cryptocurrency will hit that mark by June of next year.
Draper isn’t the only billionaire bullish on crypto. Billionaire investor Mike Novogratz has revealed that he still believes BTC will trade at $500,000 per coin in the future, but delayed his prediction over the Federal Reserve and other central banks raising interest rates to rein in inflation.
Novogratz said that he believes $BTC will trade at $500,000 but “not in five years,” as per his words Federal Reserve chairman Jerome Powell found “his central banking superpowers.”
Analysts at Goldman Sachs have nevertheless recently revealed they expect gold to outperform BTC over the long-term over its demand drivers, while expecting the cryptocurrency to be more influenced by tighter financial conditions.
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