Cryptocurrency whales have moved more than $222 million worth of stablecoins into centralized cryptocurrency trading platforms after the price of bitcoin dropped from around $48,0000 to $44,700 at press time.
According to a post shared by on-chain analytics firm CryptoQuant, the large Stablecoin inflows to exchange is typical for “whales and/or institutional entities to wait in the shadows to capitalize on local dips.”
As Newsbtc first reported, bitcoin whales may be depositing their funds to take advantage of the price dip. Notably, data from blockchain analytics firms showed that as the price moved above $45,000, bitcoin whales weren’t taking profits.
According to Santiment, bitcoin millionaire addresses holding between 100 and 10,000 BTC simply kept accumulating, while Glassnode data pointed to whales and other investors add more BTC to their wallets instead of selling as the price moved up.
Bitcoin whales have seemingly been accumulating billions in BTC I since the flagship cryptocurrency dropped from its near $64,000 all-time high to a $30,000 low before recovering. In this context, whales are defined as clusters of addresses belonging to one entity with between 1,000 and 10,000 BTC.
These movements appear to suggest whales see bitcoin as a buying option when the cryptocurrency’s price remains below the $45,000 mark. Reports from institutional investment managers suggest demand is still there from their side as well.
As reported, four firms recently revealed they increased their exposure to the flagship cryptocurrency bitcoin by buying up a total of 250,204 shares in the Grayscale Bitcoin Trust (GBTC).
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