It is clear that investors have opted to ride out the tumultuous crypto market conditions by unsheathing their stablecoins. The behavior analytics platform Santiment’s data showed that since mid-March, investors with shark and whale addresses have re-accumulated 6.4% of the DAI circulating supply. This has pushed the cumulative holdings by these addresses as a percentage of DAI circulating supply from 25.53% and 13.43% respectively.
The short-term holders spent output profit ratio (STH-SOPR) also showed a correlation between the Bitcoin selloffs and value plummeting below 1. This, along with the utilization of Coinbase and Gemini by the Celsius network in upcoming auctions imply that the crypto market may endure more corrections and volatility in the coming days. Nonetheless, Bitcoin is primed for a potential recovery, as the STH-SOPR metric has recently rebounded above 1.
Adriana Parker
- 2023-04-24
Investors Ride Out Crypto Market with Stablecoins
Data from Santiment's behavior analytics platform shows that investors with shark and whale addresses have re-accumulated 6.4% of the DAI circulating supply since mid-March. Bitcoin is primed for a potential recovery, as the STH-SOPR metric has recently rebounded above 1.
