Bitcoin (BTC) outlook as key whales increasingly accumulate stablecoins

July 31, 2023 08:30 PM AEST | By Invezz

Bitcoin (BTC) outlook as key whales increasingly accumulate stablecoins — Image source: Invezz

Whales accumulating stablecoins

The uptick in stablecoin holdings among crypto whales amid Bitcoin’s slide has triggered speculations that key market participants could be investing in BTC, expecting possible rebounds. Stablecoins remain essential during market volatility due to their stability.

Invezz.com reported how significant crypto players scooped stablecoins after Bitcoin displayed strength following US CPI data early this month (read more). Investors accumulated USDP and DAI as the leading crypto wavered between $31K and $30K, increasing the probability of massive buys in the future.

Stablecoin accumulation and Bitcoin’s potential rally

Stablecoin accumulation by top market participants often suggests bullish trends for Bitcoin. Whales have a significant influence within the crypto sector (due to their massive holdings). If these players switch their stablecoin balances into BTC, surged demand might trigger upsurges in the leading crypto.

Meanwhile, Tether, USDC, and BUSD have seen their market cap drop by 0.03%, 0.05%, and 0.02%, respectively, within the past 24 hours.

What next for the Bitcoin price

As a rule of the game, caution remains paramount when interacting with cryptocurrency assets. Sudden selling from whales could lead to price declines, confirming the influence of these players in the crypto world.

Cryptocurrency prices showcased minor movements over the past day. Bitcoin traded at $29,389 at press time, with a 0.32% 24hr surge. The bellwether crypto gained 0.21% in the last seven days.

The post Bitcoin (BTC) outlook as key whales increasingly accumulate stablecoins appeared first on Invezz.

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