Data shows that whales are sending Bitcoin and stablecoins to exchanges
2 min readHolders of Bitcoins and stablecoins are waking up and moving their funds to exchanges. Ki Young Ju, CEO of CryptoQuant, shared information on how large whale deposits are starting to grow and reach record levels in a few months.
Holders of Bitcoins and stablecoins are moving their funds to exchanges
He went on to think that the inflow of stablecoins would eventually win, which could lead to higher BTC prices in the coming days and weeks. However, this can change at any time, and once stablecoins stop entering the market. The price of the largest virtual currency could eventually fall.
Ki Young Ju wrote on Twitter:
BTC whales are sending Bitcoins to exchanges. Stablecoin whales are sending stablecoins to exchanges as well. This week will be a battle between Stablecoin and Bitcoin exchange inflows. These inflows indicate potential buy/sell pressures.
He gave no further explanation for his personal view that the “inflow of stablecoins would eventually win”, other than that these inflows would be available for mapping on the CryptoQuant platform later this week. However, she noticed the overall bullish sentiment in the coming months on the Bitcoin market:
I think the BTC bull market will start soon. Average Exchange Withdrawals value is going down and about to touch the retail investor-level threshold.
Historically, whales that move with a huge amount of crypto have meant volatility in both directions. They can either sell their funds or unlock new capital to infiltrate the altcoins.
Bitcoin sentiment is positive for the mainstream
Some mainstream media and leading asset management companies have mentioned Bitcoin several times in the past week – it´s setting the direction for positive sentiment around the pioneering cryptocurrency.
On July 30, Fidelity, a $ 2 trillion asset management company, said there were several reasons why Bitcoin would prove to be an aspirational investment in the long run.
In a report entitled “Bitcoin Investment Thesis: Aspirational Store of Value”, the company emphasized that by increasing monetary and fiscal incentives, investors will reach “a new type of fixed-asset asset to protect against potential inflation or low interest rates but with significant growth potential – Bitcoins.”
Deglobalization, stimulated by economic and political trends, could create inflation once global supply chains collapse.
The company concluded that the world “is going through a large movement of wealth from baby boomers (and those older than them) to younger generations” and those cryptocurrencies attract more.
image source: pixabay
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