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 <p><img decoding="async" class="aligncenter size-full wp-image-155608" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20705%20443'%3E%3C/svg%3E" alt="Stablecoins" width="705" height="443" data-lazy-src="https://cdn.thebittimes.com/images/2023/07/31/9dcb8046393245bd53caf6e1936f4072.webp"> 
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 <h2 id="whales-adding-up-stablecoins">Whales Adding Up Stablecoins</h2> 
 <p>The sharp increase in stablecoin holdings among these key players coincides with <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a>’s price dip, suggesting that whales and sharks may be buying <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> at lower prices in anticipation of a potential rebound. Stablecoins, valued for their price stability relative to other more volatile cryptocurrencies, are often used as a medium of exchange and a haven during periods of volatility in the crypto market.</p> 
 <p>Another set of Santiment data from this month revealed a large increase in DAI and paxos standard (USDP) addresses holding between $100,000 and $10 million in <a rel="noopener noreferrer nofollow" title="stablecoins" href="https://thebittimes.com/tag/stablecoins.html">stablecoins</a> since June 27. Additionally, the market intelligence site reports that since June 27 investors have already added 2% of the entire supply of DAI.</p> 
 <p>How does this translate to <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a>’s future pricing? The accumulation of <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> by whales often signals a bullish trend for the leading cryptocurrency. Major players, due to their significant holdings, can wield considerable influence over the market direction. If these whales decide to shift their large stablecoin holdings back into <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a>, the increased demand could provide a substantial boost to <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a>’s price.</p>  
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 <p>On the other hand, the market cap of these <a rel="noopener noreferrer nofollow" title="stablecoins" href="https://thebittimes.com/tag/stablecoins.html">stablecoins</a> is down. The global market cap of Tether is down by 0.03% in 24 hours. The market cap of USDC is down by 0.05%, and the same of BUSD is down by 0.02% in a day.</p> 
 <p>Also Read: BNB Price Trade Idea As Binance Bags Dubai’s Major Exchange License</p> 
 <h2 id="is-a-bitcoin-correction-ahead-before-the-bull-run">Is A Bitcoin Correction Ahead, Before The Bull Run?</h2> 
 <p>However, the market must tread cautiously. A sudden sale of <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> by these large holders could result in a price drop, demonstrating the power these entities hold in the cryptocurrency market. At the time of writing, <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> is trading around $29,388, down by 1.2% from last week.</p> 
 <p>Also Read: XRP Lawyers, Coinbase CLO Share Significance Of Judge Torres’ Ripple Ruling</p> 
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Top Whales Accumulating Stablecoins, Is A Major Correction In Bitcoin Price Ahead?

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TheBitTimes

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