- Santiment recently tweeted the highlights of their latest Insights report.
- According to the post, the market cap of stablecoins has been declining for the past 15 months.
- Sharks and whales still maintain their buying power and are waiting for the opportune time to buy crypto.
Santiment, the blockchain intelligence firm, shared the highlights of their latest Insights report via a tweet published earlier today. According to the post, the overall stablecoin market cap has steadily declined for the past 15 months. However, sharks and whales holding stablecoins are currently holding a higher ratio of the supply.
Santiment’s report suggested that the recent change in whales’ ownership ratio of the supply of Tether (USDT), USD Coin (USDC), Dai (DAI), Binance USD (BUSD), and TrueUSD (TUSD) is a bullish sign. This is because key stakeholders, who influence market movements, are increasing their buying power while they wait for the opportune time to buy.
Their latest Insights report also mentioned that large crypto holders have not fully cashed out of crypto. Instead, these crypto sharks and whales are holding a large portion of their assets in the form of stablecoins until the opportunity to buy back into crypto presents itself.
Furthermore, Santiment noted that there has not been any major stablecoin moves over the past few months. As a result, the firm does not believe that the market’s bottom is in yet.
At press time, USDT’s market cap stood at $83,298,198,332 according to CoinMarketCap. Meanwhile, the market cap for the next biggest stablecoin USDC was estimated to be $28,514,620,489, while Binance’s native stablecoin, BUSD, had a total market cap of around $4.8 billion.
The total trading volume for all the stablecoins in the market stood at $35.03 billion. This made up around 93% of the trading volume seen in the crypto market over the past 24 hours. DeFi trading volume accounted for the remaining $2.65 billion during this time.
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