Santiment, a blockchain intelligence business, tweeted the highlights of their newest Insights report earlier today.
The whole stablecoin market cap has been progressively declining for the previous 15 months, according to the post.
According to Santiment’s analysis, the latest adjustment in the ownership percentage of whales in the supply of Tether (USDT), USD Coin (USDC), Dai (DAI), Binance USD (BUSD), and TrueUSD (TUSD) is a bullish indicator.
This is due to major stakeholders who influence market movements growing their purchasing power while waiting for the right time to purchase.
Their most recent Insights report also stated that major crypto holders had not entirely cashed out. Instead, these crypto sharks and whales are storing a major amount of their assets in stablecoins until the time to reinvest in crypto arises.
In addition, Santiment stated that there had been no significant stablecoin moves in the last several months. As such, the company does not feel the market has reached its bottom.
According to CoinMarketCap, the USDT market cap was $83,298,198,332 at the time of publication.
However, the second largest stablecoin, USDC, was projected to have a market cap of $28,514,620,489, while Binance’s native stablecoin, BUSD, had a market cap of roughly $4.8 billion.
The market’s overall trading volume for all stablecoins was $35.03 billion. This accounted for around 93% of the trade volume in the cryptocurrency market over the previous 24 hours. During this time, DeFi trade activity accounted for the remaining $2.65 billion.
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