Stablecoin Accumulation Surges as BTC Lingers Below $30K

Published 31/07/2023, 09:18
© Reuters Stablecoin Accumulation Surges as BTC Lingers Below $30K
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  • Santiment revealed that whales have been stocking up on stablecoins like USDT, USDC, DAI, and BUSD.
  • The YTD market shares for some of the most popular stablecoins in the market have drastically changed, according to trader Ali.
  • Only USDT and TUSD saw their YTD market shares increase.

The on-chain analytics platform, Santiment, shared on Twitter today that stablecoins are being accumulated by key whale and shark wallets as the price of Bitcoin (BTC) remains below $30,000. Santiment’s data indicated that stablecoins such as Dai (DAI), Binance USD (BUSD), USD Coin (USDC), and Tether (USDT) are being targeted by these large holders.

It is also worth noting that the year-to-date (YTD) market shares for some of the largest stablecoins in the cryptocurrency market have seen some drastic changes over the past year. Thi…

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