On-chain data from Santiment suggests that the stablecoin whale supply could be the metric to watch for the likelihood of a Bitcoin bounce.
Whale Supply Of Stablecoins Could Hold Key To Bitcoin Rebound
In a recent post on X, the on-chain analytics firm Santiment discussed the percentage of the total stablecoin supply that the whales in the sector are holding right now.
The “whales” here refer to entities that are carrying at least $5 million worth of stablecoins in their addresses. Naturally, all stablecoins that are in circulation are included in this metric, regardless of their market caps.
“A tried and true method for predicting where crypto heads next is analyzing big wallets to see the ratio of stablecoins they hold,” explains the analytics firm.
Here is a chart that displays the data for the holdings of these humongous investors:
The reason that the stablecoin supply of this cohort may be relevant for the rest of the cryptocurrency sector is that it provides a look into
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