Decoding what ‘increase in stablecoin’s whale transactions’ means for BTC & alts
You have to admit, stablecoins aren’t the most exciting part of the crypto industry, especially when there are NFTs and TVLs to gawk at. However, stablecoins are important indicators for Bitcoin or alt-related activity, and no trader can afford to ignore them.
So what are the stablecoins doing?
Santiment data revealed that whales making stablecoin transactions saw a mild spike even as the market entered the red territory. These initially might not seem like related points, but stablecoin spikes can sometimes help push traders into buying.
On 6 April, the most transactions that day [worth more than $100,000] were made with USD Coin [USDC], which saw 7,453 transactions. Meanwhile, Tether [USDT] saw 6,450 such whale transactions. Considering that Tether’s market cap was around $30 billion more than that of USDC at press time, this is indeed worth looking into.
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