On-chain data suggests the whale entities have bought up around 5% of the supply of the major stablecoins over the past three weeks.
Whales Have Been Gobbling Up Stablecoin Supply Recently
According to data from the on-chain analytics firm Santiment, whales have been rapidly accumulating the stablecoin supply recently. Whales here refer to investors holding at least $5 million in cryptocurrencies.
The chart below shows the trend in the supply of the major stablecoins held by these large holders over the past few months.
The “major” stablecoins here include Tether (USDT), USD Coin (USDC), BUSD (BUSD), Dai (DAI), TrueUSD (TUSD), and Pax Dollar (USDP). The chart shows that the percentage of the supply of these stables held by the whale entities has shot up recently.
This would suggest that these large holders have accumulated more of these fiat-tied tokens. In the same chart, Santiment has also attached the data for the total stablecoin market cap, and it appears that th
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