Crypto News

In what format is the profit of Bitcoin whales stored?

Analytics platform Santiment revealed in its recent report that profits from the sale of Bitcoin by digital currency whales at the end of the previous bull run in 2021 have not been transferred to fiat currencies.

According to Wallex and quoted by DailyHodl, after the end of the 2021 bull market, whales have converted their profits into stablecoins.

According to the data of this website, the number of addresses that had a balance of more than 100,000 stablecoins increased between 53 and 1,689 percent within a year. This report states:

It is obvious to everyone that the Bitcoin whales sold it with the relative return of the price of Bitcoin in 2022, but instead of withdrawing capital in the form of fiat currency, they have made their profit in 2021 stablecoin. As the figure clearly shows, the number of addresses containing huge amounts of DAI, USDC, USDT and BUSD tokens has exploded.

Graph of the number of whale addresses of different stablecoins

Data from the site Santiment shows that the number of addresses with huge amounts of Tether (USDT) has grown by 53% in one year. These figures for other major stablecoins such as USD Coin, Dai (DAI) and Binance Dollar (BUSD) were 271, 926 and 1689 percent, respectively.

Bitcoin analysis revealed that many Bitcoin digital currency whales switched to Cardano digital currency (ADA) after selling part of their holdings during the 2021 bull run and bought more than $60 million worth of ADA.

The graph above shows the whales recollecting Ada
The graph above shows the whales recollecting Ada

In the report of the Sentiment site, it is stated:

Cardano is going through a small uptrend, and paying attention to the behavior of addresses with assets between 1 and 100 million Ada can be the main confirmation of the price increase. After selling 568.4 million ADAs in the last two months of 2022, the group started 2023 with a storm by repurchasing 217.2 million ADAs.

In what format is the written profit of Bitcoin whales saved? The first time in the blog Valx. appeared.


hello my name is amir; i love bitcoin and dogecoin 🎯

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button