As per the Santiment data vendor, whales have been moving large amounts of dollar-pegged stablecoins around as they seek the “best buying opportunities” to purchase Bitcoin and other top cryptos.
Furthermore, as interest in altcoins declines, so do their prices, traders funds are returning to Bitcoin. According to Santiment’s tweet, as the cryptocurrency markets have crashed, whales have been transferring a lot more stablecoins than usual—USDT, USDC, BUSD, and so on.
The data vendor’s analytics team believes that this indicates that whales are taking advantage of “best buying opportunities” to acquire crypto on the dip—presumably, Bitcoin, Ethereum, and other cryptocurrencies.
Another tweet from Santiment claims that as interest in altcoins declines due to price declines, traders are returning to Bitcoin to reduce market volatility. Over the last 24 hours, the price of a large number of altcoins has dropped by double digits.
Over the last 24 hours, the global flagship cryptocurrency, Bitcoin, has lost approximately 5% of its market value, causing the overall crypto market to lose 7.5%, dropping from $2.131 trillion to $1.971 trillion.
As per the data, the drop in the BTC price occurred following a discussion about inflation by Fed officials, with another interest rate hike of 50 basis points as a possible option. The Nasdaq index fell nearly 4.5 percent in two days as a result, and the Bitcoin price fell as well.
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