{"id":545146,"date":"2023-07-31T13:40:16","date_gmt":"2023-07-31T13:40:16","guid":{"rendered":"https:\/\/wncen.com\/?p=545146"},"modified":"2024-06-11T08:15:28","modified_gmt":"2024-06-11T08:15:28","slug":"is-another-bitcoin-rally-coming-soon-this-pattern-may-say-so","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/is-another-bitcoin-rally-coming-soon-this-pattern-may-say-so\/","title":{"rendered":"Is Another Bitcoin Rally Coming Soon? This Pattern May Say So"},"content":{"rendered":"

On-chain data shows a pattern in the stablecoin shark and whale holdings that may suggest the Bitcoin rally could make a return in the near future.<\/p>\n

Stablecoin Sharks & Whales Have Been Accumulating Recently<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, the sharks and whales of the major stablecoins<\/a> have been increasing their reserves while Bitcoin has been struggling recently.<\/p>\n

The “sharks” and “whales” are two of the largest cohorts in the sector, with investors belonging to the former holding at least $100,000 and at most $1 million worth of the asset, while the latter has wallet balances in the $1 million to $10 million range.<\/p>\n

Due to such large holdings, these investors can potentially move around a large number of coins at once, something that can make them influential entities in the market.<\/p>\n

In the context of the current discussion, the sharks and whales of stablecoins are of interest. In particular, the four largest players in the market are of relevance here: Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI).<\/p>\n

Santiment has used its “Supply Distribution<\/a>” metric to track the holdings of these humongous holders and this indicator tells us about the percentage of the supply that each group in the market is holding right now.<\/p>\n

Here is a chart that shows the trend in this metric specifically for the sharks and whales of the top 4 stablecoins in the sector:<\/p>\n

\"Stablecoin<\/p>\n

The metrics appear to have been going up in recent days | Source: Santiment on Twitter<\/a><\/pre>\n
As displayed in the above graph, the holdings of these stablecoin sharks and whales have been on the rise recently. Interestingly, while this trend has formed, the price of Bitcoin has dipped below the $30,000 level.<\/p>\n
A similar pattern in the supply held by these large investors had also formed last month, as these investors had been buying more stablecoins, while BTC had been on a decline.<\/p>\n
What followed this period of accumulation<\/a> back then was a sharp Bitcoin rally that had taken the cryptocurrency’s price above the $30,000 level.<\/p>\n
An explanation of this curious trend may lie in what the holdings of these large stablecoin holders signify. Generally, these investors opt for stables whenever they want to exit volatile assets such as BTC.<\/p>\n
Related Reading: Stanford MBA Explains Why Next Bitcoin Cycle Could Be \u201cBigger\u201d<\/a><\/div>\n
Such holders, however, usually only seek to temporarily take shelter in these dollar-tied tokens, because if they wanted to stay away from the sector for extended periods, they would have exited through other means like fiat.<\/p>\n
Thus, these investors would eventually shift their stablecoins into Bitcoin and others again, and with this exchange, provide a bullish boost to their prices. This is why the supply of these sharks and whales may be looked at as the available buying pressure that these humongous investors can put on the asset at any point they want.<\/p>\n
From the chart, it’s visible that the BTC rally above $30,000 didn’t actually kick off from new money being pumped back into the asset by the sharks and whales, but rather the conversions that they made back into the asset, as their holdings decreased while the rally happened.<\/p>\n
Related Reading: Bitcoin Miner Reserve Rising: Good News For BTC Bulls?<\/a><\/div>\n
As the large investors of the major stables have again been accumulating recently, it’s possible that Bitcoin could see a bullish effect from this down the road once more, although it’s uncertain how long it may be before these investors deploy their stablecoins back into the market.<\/p>\n
Bitcoin Price<\/h2>\n
At the time of writing, Bitcoin is trading around $29,300, up 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has stagnated since the decline | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows a pattern in the stablecoin shark and whale holdings that may suggest the Bitcoin rally could make a return in the near future. Stablecoin Sharks & Whales Have Been Accumulating Recently According to data from the on-chain analytics firm Santiment, the sharks and whales of the major stablecoins have been increasing their reserves while Bitcoin has been struggling recently. The “sharks” and “whales” are two of the largest cohorts in the sector, with investors belonging to the former holding at least $100,000 and at most $1 million worth of the asset, while the latter has wallet balances in the $1 million to $10 million range. Due to such large holdings, these investors can potentially move around a large number of coins at once, something that can make them influential entities in the market. In the context of the current discussion, the sharks and whales of stablecoins are of interest. In particular, the four largest players in the market are of relevance here: Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI). Santiment has used its “Supply Distribution” metric to track the holdings of these humongous holders and this indicator tells us about the percentage of the supply that each group in the market is holding right now. Here is a chart that shows the trend in this metric specifically for the sharks and whales of the top 4 stablecoins in the sector: The metrics appear to have been going up in recent days | Source: Santiment on Twitter As displayed in the above graph, the holdings of these stablecoin sharks and whales have been on the rise recently. Interestingly, while this trend has formed, the price of Bitcoin has dipped below the $30,000 level. A similar pattern in the supply held by these large investors had also formed last month, as these investors had been buying more stablecoins, while BTC had been on a decline. What followed this period of accumulation back then was a sharp Bitcoin rally that had taken the cryptocurrency’s price above the $30,000 level. An explanation of this curious trend may lie in what the holdings of these large stablecoin holders signify. Generally, these investors opt for stables whenever they want to exit volatile assets such as BTC. Related Reading: Stanford MBA Explains Why Next Bitcoin Cycle Could Be \u201cBigger\u201d Such holders, however, usually only seek to temporarily take shelter in these dollar-tied tokens, because if they wanted to stay away from the sector for extended periods, they would have exited through other means like fiat. Thus, these investors would eventually shift their stablecoins into Bitcoin and others again, and with this exchange, provide a bullish boost to their prices. This is why the supply of these sharks and whales may be looked at as the available buying pressure that these humongous investors can put on the asset at any point they want. From the chart, it’s visible that the BTC rally above $30,000 didn’t actually kick off from new money being pumped back into the asset by the sharks and whales, but rather the conversions that they made back into the asset, as their holdings decreased while the rally happened. Related Reading: Bitcoin Miner Reserve Rising: Good News For BTC Bulls? As the large investors of the major stables have again been accumulating recently, it’s possible that Bitcoin could see a bullish effect from this down the road once more, although it’s uncertain how long it may be before these investors deploy their stablecoins back into the market. Bitcoin Price At the time of writing, Bitcoin is trading around $29,300, up 1% in the last week. BTC has stagnated since the decline | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":545174,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6481,1119,1144,11164,88736,15241,87934],"class_list":["post-545146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-rally","tag-btc","tag-btcusd","tag-stablecoin","tag-stablecoin-sharks-whales","tag-stablecoins","tag-stables"],"acf":[],"yoast_head":"\nIs Another Bitcoin Rally Coming Soon? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Another Bitcoin Rally Coming Soon? 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