The on-chain analytics firm Santiment suggests that this indicator may be the one to watch to get hints about when Bitcoin might rebound.
Large Stablecoin Holders Have Seen Stagnant Supply Recently
According to Santiment, the movements of the dolphins and sharks of the top stablecoins like Tether (USDT) and USD Coin (USDC) may be relevant for the price of Bitcoin.
Generally, investors make use of these fiat-tied tokens whenever they want to escape the volatility associated with other assets in the market, like BTC. Such investors, however, are likely to buy back into the volatile cryptocurrencies, as holders who are truly exiting the space do so through fiat.
When these investors feel that the prices are right to jump back into the other coins, they simply exchange their stablecoins for them. Naturally, this shift can act as buying pressure for the market they are moving into, and thus, provide a bullish boost to the asset’s price.
To check whether there is any significant conversion
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