Blockchain analytics platform Santiment says wealthy investors are picking up a massive amount of a crypto asset as the price of Bitcoin (BTC) swings.
holyday says that crypto sharks and whales are keeping a close eye on Bitcoin price action in the $30,000 range as they amass a host of stablecoins including Pax Dollar (USDP) and Dai (DAI).
The buildup of stablecoins primed digital asset-rich investors to possibly make large cryptocurrency purchases in the near future, according to Santiment.
“Sharks and whales are eyeing the $30,000 to $31,000 Bitcoin price range, just like the rest of the traders. And it appears that they are accumulating stablecoins like USDP and DAI quite quickly, raising the likelihood of future large cryptocurrency purchases.”
Bitcoin is trading at $30,905 at the time of writing, up 1.3% over the past 24 hours.
holyday too says that altcoins may start to recover as investors take profits from Bitcoin and put the money into other digital assets.
The firm notes an increase in trading volume for alts including Polygon (MATIC) and Binance Coin (BNB).
“As trading volume fluctuates back to altcoins, two assets are seeing particularly high interest: MATIC and BNB. Bitcoin continues to tease the $31,000 level before the profits are redistributed to various crypto assets. Target those who are under the radar.”
At the time of writing, MATIC is worth $0.80 while BNB is worth $251.
holyday too says The Network Realized Profit Loss (NRPL) indicators for both Bitcoin and the leading smart contract platform Ethereum (ETH) are showing an upward trend after their share price has fluctuated over the past three weeks.
“With three weeks of price movement, Bitcoin and Ethereum are in mildly losing territory against price, as average traders are moving assets with mild losses. When the NRPL vs. price turns negative, there is a higher probability of a positive price movement in the future.”
Ethereum is trading at $1,949 at the time of writing, up 3.5% in the last 24 hours.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.
Featured image: Shutterstock/dewa hartawan/andrew1998
