Bitcoin’s Whales Dumped In 2022 But Profits Now Stays In Stablecoin Wallets

Key Points:

• Santiment is disclosing that Bitcoin (BTC) whales did not convert their winnings following the conclusion of the bull run last year into fiat money.
• Santiment also claims that whales of the Cardano (ADA) smart contract platform have invested more than $60 million in ADA after selling the digital asset late last year.

According to the crypto analytics platform Santiment, the profits gained by Bitcoin (BTC) whales following the conclusion of the bull run last year were not cashed out into fiat currencies.

According to Santiment, once the bull market came to an end in 2021, Bitcoin whales moved their riches into stablecoins.

The number of stablecoin addresses holding more than $100,000 in dollar-pegged crypto assets has climbed by 53% to 1,689% in one year, according to the analytics platform.

It’s no secret that Bitcoin’s whales dumped as crypto markets retraced in 2022. But instead of cashing to fiat, 2021 profits are sitting in stablecoin wallets. As illustrated, USDT, USDC, DAI and BUSD have exploded with new large addresses.

According to Santiment, the number of significant Tether (USDT) addresses has climbed by 53% in one year, while the number of deep-pocketed Dai (DAI), USD Coin (USDC), and Binance USD (BUSD) addresses has increased by 271%, 926%, and 1,689%, respectively.

Additionally, Santiment claims that whales of the Cardano (ADA) smart contract platform have invested more than $60 million in ADA after selling the digital asset late last year.

Cardano is enjoying a mini-surge at this hour, and addresses holding between one million to 100 million ADA may be a main validator to watch for a price breakout. After dumping 568.4 million coins the final two months of 2022, they have added back 217.2 million ADA to start 2023.

Cardano is trading at $0.2764 at the time of writing, increasing by 0.58% over the past 24 hours.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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