Whales begin to retreat as the stablecoin exchange index rises

Whales started making money when the stablecoin switching index rose to an all-time high of under $ 5 billion as we can see on our crypto news today.

The supply of equivalents for all stablecoins rose to an all-time high of $ 5 billion a few days ago. Now an analyst says this is a clear indicator that Whales is starting to make money.

According to data from CryptoQuant, the number of stablecoins redeemed reached an all-time high on December 10th. As can be seen in the graph, the number hit $ 5 billion when the BTC price was set at $ 47,000.

CryptoQuant‘s Dan Lim suggested that this could be an indicator that whales are making money. He suggested that this could be a response to the upcoming FOMC meeting, which will be held on December 16^order While it is uncertain whether the whales will follow the volatile market reaction to the FOMO announcement, this is one of the uncertainties. It should be noted that this does not mean the whales are now starting to sell BTC, but it could be taken as a negative sign in the bullish price movement of the past few days. Bitcoin’s price hit an intraday high of $ 50,800 before being rejected and falling back to its current value of $ 48.7000.

As recently reported, inflation news from the US pushed BTC back to $ 50,000, but then Bitcoin fell to $ 3,000, so it’s currently hovering at $ 47,000. Most altcoins are in the red on the daily scale as the ETH drops to $ 4000 helpful. The cryptocurrency couldn’t top and hovered at $ 47,500 when the U.S. Bureau of Labor Statistics announced that its highest inflation rate in 40 years is 6.8%.

This had an immediate impact on the BTC price rising several thousand dollars to hit $ 50,000. As with other attempts, the asset failed and rejection caused it to drop around $ 3,000. After dumping below $ 47,000, BTC has rebounded well and is now above $ 48,000 with a market cap of over $ 900 billion. The second largest digital asset surged above $ 4,400 a few days ago, but negative sentiment has lifted it to $ 4,000, and as of now, ETH will remain above that level.