Here’s What Could Signal Next Bitcoin Stage Amid ‘Massive’ BTC Transactions, According To Crypto Analytics Firm
A prominent crypto analytics platform says a calculation could signal the next big rally for Bitcoin (BTC) amid a flurry of massive whale transactions involving the royal crypt.
According to market intelligence firm Santiment, traders should closely monitor the market values of stablecoins such as Tether (USDT), USD Coin (USD Coin), Binance USD (BUSD), Pax Dollar (USPD) and Dai (DAI).
Santiment says the combined purchasing power of the top five stablecoins is $126.31 billion, which is more than double its value in March 2021. Per the research firm, Bitcoin’s sustained rise may depend on the growth of the top five stablecoins by market capitalization.
“As a good 1st quarter draws to a close for the recovering crypto markets, the combined purchasing power of USDT, USDC, BUSD, DAI and USDP is $126.3 billion. The decline has slowed this week. A rise would signal a significantly increased likelihood of that Bitcoin is rising.”
Santiment’s insight into the stablecoin market comes as the research firm recently issued an alert to Bitcoin holders. Last week, the research firm revealed that the five largest Bitcoin transactions of 2023 all occurred in March, suggesting that major BTC entities may start taking profits.
“Based on the very large transactions going on in March, as well as the 10-10,000 BTC address level continuing to slide down (in percentage) and decline (by total addresses), it looks like there are some legitimate warning flags for to be careful if you hope to see Bitcoin rise to $35,000 and more…
The five largest transactions of 2023 so far have all occurred in March, and this appears to be a result of profit-taking and fear of a top after BTC’s ~+70% rally.
Bitcoin is trading at $28,502 at the time of writing.
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