Such Data: Whales Are Massively Hoarding Bitcoin and Stablecoins
A review of blockchain data shows that while Bitcoin whales are buying more coins, other cryptocurrency whales are also piling up stablecoins including Tether, Dai, and Binance USD.
To the report Cryptoglobe, a sentiment analysis company, said that addresses with balances of 100 to 100,000 bitcoins bought a total of another $726 million in the cryptocurrency over the past nine days. At the same time, the pool of addresses with $100,000 to $10 million stablecoin balances is growing rapidly.
The company went on to note that out of a total of more than 43.46 million addresses on the network, there are currently more than 15,840 with balances between 100 and 10,000 bitcoins, which means that the whale wallet 0. 0364 percent of all Bitcoin addresses. Sentiment added:
An increase in the ratio of whale addresses to the entire network theoretically means that there is more interest in increasing the class of traders who are not only millionaires, but who are used to using their capital to get what they want.
Additionally, the number of Bitcoin addresses with balances between 100 and 10,000 coins has increased by 159 over the past 3 weeks, the fastest growth rate for these addresses in the past 10 months.
According to the company, the recent rally in Bitcoin, along with the massive rally in stablecoins, means that cryptocurrency whales are starting to strengthen their position as their purchasing power increases.
In the current market conditions, some investors are still optimistic about the growth of the Bitcoin price. Earlier this month, Tim Draper, the founder of Draper Associates and one of Silicon Valley’s most famous investors, reiterated his $250,000 Bitcoin price prediction and said that by June of next year, the price of the digital currency will reach this The figure will arrive.
Draper is not the only billionaire who is bullish on the digital currency market. Billionaire investor Mike Novogratz noted that he still believes Bitcoin will trade at $500,000 in the future. Of course, he delayed his prediction until after the Fed and other central banks raise interest rates to curb inflation.
Novogratz believes that since Jerome Powell, the chairman of the Federal Reserve, according to his statements, has found the authority of his central banks; Bitcoin will not reach $500,000 for the next 5 years.
However, Goldman Sachs analysts stated in their new report that they believe that gold will outperform Bitcoin in the long term due to demand drivers in the market. They expect cryptocurrencies to be more affected by tough financial conditions.