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Bitcoin whales unloaded BTC as the market reversed and parked their profits in this crypto asset class: Santiment

Crypto analytics platform Santiment reveals that the gains made by Bitcoin (BTC) whales after the end of the bull run last year have not been cashed into fiat currencies.

Sentiment says that since the bull market ended in 2021, bitcoin whales turned their profits into stablecoins.

According to the analytics platform, the number of stablecoin addresses holding crypto assets worth over $100,000 has grown by between 53% and 1,689% in one year.

“It’s no secret that bitcoin whales were dumped as crypto markets retreated in 2022. But instead of cashing out into fiat, the 2021 profits lie in stablecoin wallets.” As illustrated, USDT, USDC, DAI and BUSD exploded with new large addresses.

The painting
Source: Santiment/Twitter

Santiment reveals that the number of large Tether (USDT) addresses increased by 53% in one year, while the number of Dai (DAI), USD Coin (USDC) and Binance USD (BUSD) addresses increased by 271%, 926% and 1,689% in the same year period.

We turn to Cardano (ADA), Santiment says that smart contract protocol whales added over $60 million to ADA after dumping digital assets late last year.

“Cardano is enjoying a small uptick at this hour, and addresses that have between 1 million and 100 million ADAs can be the main validators to watch for price growth.” After releasing 568.4 million coins in the last two months of 2022, they added 217.2 million ADA to start 2023.

The painting
Source: Santiment/Twitter

Cardano is trading at $0.277 at the time of writing.

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Image generated: Midjourney



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