Bitcoin might not be able to observe any extended runs of bullish momentum until this on-chain indicator reverses its trend.
Stablecoin Whale Supply Has Dropped To Lowest In Six Months
During the past few days, Bitcoin has registered some rise and has managed to breach the $27,000 level. The asset has, however, been unable to build up any sustained moves above this mark so far.
The below chart shows how the cryptocurrency’s price has changed in recent days:
While moves above the level have all failed, the asset is still more than 3% up during the past week, which is more than some of the other top coins like Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE).
Now, as for whether Bitcoin can find a proper break toward higher levels, data from the on-chain analytics firm Santiment may provide some hints. The indicator of interest here is the combined percentage of the stablecoin circulating supply that’s being held by the whales.
Here is a chart that shows the trend in this indicato
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