- More than $228 million in stablecoins left the exchanges as whale accumulation increased.
- Bitcoin is ready for accumulation as it moves around $30,000.
Traders are keeping a close eye on Bitcoin’s current price range, while the whales’ actions are drawing particular attention. These players appear to be increasingly interested in the price trend as they intensify their stablecoin accumulation. Given this recent increase in stablecoin accumulation, will we also witness an increase in BTC accumulation?
Read Bitcoin (BTC) Price Prediction 2023-24
Massive accumulation of Bitcoin and altcoin looming?
Recent data from Sanitation revealed a notable surge in stablecoin accumulation, especially Maker DAI and USDP, on July 12. Santiment’s distribution supply chart, which tracks the range between 100,000 and 100 million coins, recorded increased holdings of stablecoins. In the case of DAI, about 2% of the total supply has been added since July 27. Also, USDP witnessed an increase of around 11% since July 2.
Source: Sentiment
According to Santiment, this accumulation suggested preparations for a significant future crypto purchase, possibly with the accumulation of Bitcoin.
In addition, an analysis of the stablecoin netflow on Crypto Quant showed a prevailing outflow trend on July 12. Total observed outflows surpassed $228 million, indicating that traders were actively accumulating stablecoins, confirming Santiment’s stats.
Source: CryptoQuant
Number of Bitcoin holders is rising
Recent reports pointed to a growth in the number of Bitcoin addresses, pointing to an increasing user base joining the network. The continued increase in stablecoin accumulation could potentially contribute to further user growth.
Another metric that is likely to rise once accumulation begins is the number of holders. According to data from Santiment, the total number of holders has been steadily increasing since the beginning of the year. Specifically, the chart suggested that more holders were added as the price of BTC rose. Currently, the total number of holders is close to 48 million, showing no signs of a downward trend at the time of writing.
Source: Sentiment
BTC flashes bull and bear trends
On July 12, a daily analysis of Bitcoin revealed that the price briefly crossed the $31,000 mark, but eventually closed at $30,486, making a loss. At the time of writing, Bitcoin was trading near USD 30,600, with a modest gain of less than 1%.
How much are 1,10,100 BTC worth today
The overall trend appeared to be mostly sideways with key support levels around the $29,000 and $28,000 price ranges. The short moving average (shown as the yellow line) represented one of the supports at the $28,000 level.
The Moving Average Convergence Divergence (MACD) indicator showed a bearish divergence. At the same time, the Relative Strength Index (RSI) was indicating a bullish trend at the time of writing.
Source: TradingView