Bitcoin, which went up to $ 27,500 yesterday, could not continue this rise and fell to $ 26,600 by experiencing a sharp decline this morning.
Evaluating the price movements of BTC in this context, Santiment stated that Bitcoin has been facing selling pressure for a long time and consolidated in a narrow range.
Santiment said that because of this deadlock that BTC is experiencing, sharks and whales are turning to altcoins and stablecoins.
“Sharks and whales keep their BTC holdings stable due to Bitcoin's recent performance. But we see sharks and whales accumulating stablecoins and increasing their future purchasing power.”
Stating that USD Coin, Binance USD and DAI Stablecoin, which are among the most popular stablecoins by whales and sharks, have been accumulated, Santiment said that between $100,000 and $10 million, whale addresses hold 37% USDC, 6% BUSD and 39% DAI.
🤑 As sharks & whales stay flat on their #Bitcoin holdings, we are seeing that #stablecoins have been accumulated by these large holders, increasing their future implied buying power:
💰 $USDC $100k-$10m 🐳: 37% held
💰 $BUSD $100k-$10m: 🐳6% held
💰 $DAI $100k-$10m 🐳: 39% held pic.twitter.com/ETAVERnHRn— Santiment (@santimentfeed) May 23, 2023
Santiment stated that throughout May, whales and sharks have been accumulating lesser-known altcoins such as Porspoer (PRO), Banqi (QI) and Maker (MKR) apart from stablecoins.
Finally, Santiment said that the Render Token (RNDR), which has had a big rally recently, is also on the radar of whales and sharks.
Noting that in the last 12 days, RNDR price has increased by 63% due to increased trading and on-chain transaction volume, Santiment stated that this rally positions RNDR as the 45th largest asset by market capitalization.
However, stating that it is necessary to be careful against RNDR, Santiment said that RNDR has entered a profit-taking period with this solid rise.
At this point, Santiment pointed out that whale transactions rose to the third highest level in May, writing that investors should be cautious.
However, Santiment also stated that there is some data showing that the RNDR rally is not over, he wrote:
“Shark and whale RNDR address numbers continue to grow. The tan line, which represents wallets holding between 1 million and 10 million RNDRs, is growing particularly rapidly. 90 addresses of this type are the most in the history of the entity.
If the whales were making a profit, this number of addresses would probably not continue to increase. This could be an indication that the RNDR rally is not over.
However, it is better to be cautious.”
RNDR, which rose to the level of $ 2.80 yesterday, fell to $ 2.49 with the decrease in BTC. At the time of writing, the RNDR stands at $2,508.
💽 The +63% price rally by @RenderToken over the past 12 days has moved it up to the #45 spot on the top market caps in #crypto. Our latest insight takes a look at its latest big day, shark & whale behavior, and how the crowd will likely dictate the top. https://t.co/mv5XYBFnP2 pic.twitter.com/z2Z4OBIsEB
— Santiment (@santimentfeed) May 23, 2023
*Not investment advice
