{"id":549905,"date":"2023-09-04T14:30:59","date_gmt":"2023-09-04T14:30:59","guid":{"rendered":"https:\/\/uniquehot.com\/?p=549905"},"modified":"2024-06-11T07:06:59","modified_gmt":"2024-06-11T07:06:59","slug":"this-could-metric-watch-bitcoin-bounce-santiment","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/this-could-metric-watch-bitcoin-bounce-santiment\/","title":{"rendered":"This Could Be The Metric To Watch For A Bitcoin Bounce: Santiment"},"content":{"rendered":"

On-chain data from Santiment suggests that the stablecoin whale supply could be the metric to watch for the likelihood of a Bitcoin bounce.<\/p>\n

Whale Supply Of Stablecoins Could Hold Key To Bitcoin Rebound<\/h2>\n

In a recent post<\/a> on X, the on-chain analytics firm Santiment discussed the percentage of the total stablecoin supply<\/a> that the whales in the sector are holding right now.<\/p>\n

The “whales<\/a>” here refer to entities that are carrying at least $5 million worth of stablecoins in their addresses. Naturally, all stablecoins that are in circulation are included in this metric, regardless of their market caps.<\/p>\n

“A tried and true method for predicting where crypto<\/span> heads next is analyzing big wallets to see the ratio of stablecoins they hold,” explains the analytics firm. <\/span><\/p>\n

Here is a chart that displays the data for the holdings of these humongous investors:<\/span><\/p>\n

\"Stablecoin<\/p>\n

The value of the metric seems to have been moving sideways in recent days | Source: Santiment on X<\/a><\/pre>\n
The reason that the stablecoin supply of this cohort may be relevant for the rest of the cryptocurrency sector is that it provides a look into the buying power available to these whales.<\/p>\n
Related Reading: This Metric Hinted At The Bitcoin Retrace In Advance<\/a><\/div>\n
Generally, these holders use stables to store their capital away from the volatility of coins like Bitcoin, but once they feel that the time is right to jump back in, they deploy these fiat-tied tokens back into the other coins, providing a bullish boost to their prices.<\/p>\n
This can be seen working in action in the chart as well. Back in May-June, these investors had been accumulating, and once their supply had hit a peak and they had started distributing instead, the Bitcoin price had observed a rally.<\/p>\n
Given the close timing, it would seem likely that the whales had been shedding their stablecoin holdings in order to buy assets like BTC, thus acting as fuel for the uplift.<\/p>\n
As displayed in the graph, the stablecoin holdings of the whales haven’t changed much recently, suggesting that these investors haven’t been taking part in either accumulation or distribution.<\/p>\n
Related Reading: Bitcoin Price Recovery Could Soon Fade If BTC Fails To Surpass 100 SMA<\/a><\/div>\n
This could indicate that the whales don’t have any extraordinary buying capacity currently. An uplift in this indicator, however, would imply that the purchasing power of this cohort is going up, which could then lead towards a rebound for the rest of the market.<\/p>\n
One positive sign forming in the market may be the fact that the market cap<\/a> of the six largest stablecoins is slowly starting to turn around.<\/p>\n
\"Stablecoins<\/p>\n
Looks like the indicator's value has been heading up recently | Source: Santiment on X<\/a><\/pre>\n
The combined market cap of these large stablecoins has been in a perpetual downtrend since early 2022, suggesting a constant drainage of capital from the sector. In the past couple of weeks, though, these fiat-tied assets have seen a combined growth of $663.2 million, which may be one of the early signs that a rebound could finally be taking place.<\/p>\n
Such small rises in the metric have already been seen a few times during this downtrend, though, so this latest one might as well turn out to be a temporary deviation like those previous ones. If, however, this recent increase is indeed a sign that things are finally changing, then it would mean that the cryptocurrency sector is seeing some constructive growth at last.<\/p>\n
BTC Price<\/h2>\n
Bitcoin hasn’t moved an inch in the last few days as the asset continues to move around the $25,900 level.<\/p>\n
\"Bitcoin<\/p>\n
BTC has fallen back to consolidation recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data from Santiment suggests that the stablecoin whale supply could be the metric to watch for the likelihood of a Bitcoin bounce. Whale Supply Of Stablecoins Could Hold Key To Bitcoin Rebound In a recent post on X, the on-chain analytics firm Santiment discussed the percentage of the total stablecoin supply that the whales in the sector are holding right now. The “whales” here refer to entities that are carrying at least $5 million worth of stablecoins in their addresses. Naturally, all stablecoins that are in circulation are included in this metric, regardless of their market caps. “A tried and true method for predicting where crypto heads next is analyzing big wallets to see the ratio of stablecoins they hold,” explains the analytics firm. Here is a chart that displays the data for the holdings of these humongous investors: The value of the metric seems to have been moving sideways in recent days | Source: Santiment on X The reason that the stablecoin supply of this cohort may be relevant for the rest of the cryptocurrency sector is that it provides a look into the buying power available to these whales. Related Reading: This Metric Hinted At The Bitcoin Retrace In Advance Generally, these holders use stables to store their capital away from the volatility of coins like Bitcoin, but once they feel that the time is right to jump back in, they deploy these fiat-tied tokens back into the other coins, providing a bullish boost to their prices. This can be seen working in action in the chart as well. Back in May-June, these investors had been accumulating, and once their supply had hit a peak and they had started distributing instead, the Bitcoin price had observed a rally. Given the close timing, it would seem likely that the whales had been shedding their stablecoin holdings in order to buy assets like BTC, thus acting as fuel for the uplift. As displayed in the graph, the stablecoin holdings of the whales haven’t changed much recently, suggesting that these investors haven’t been taking part in either accumulation or distribution. Related Reading: Bitcoin Price Recovery Could Soon Fade If BTC Fails To Surpass 100 SMA This could indicate that the whales don’t have any extraordinary buying capacity currently. An uplift in this indicator, however, would imply that the purchasing power of this cohort is going up, which could then lead towards a rebound for the rest of the market. One positive sign forming in the market may be the fact that the market cap of the six largest stablecoins is slowly starting to turn around. Looks like the indicator’s value has been heading up recently | Source: Santiment on X The combined market cap of these large stablecoins has been in a perpetual downtrend since early 2022, suggesting a constant drainage of capital from the sector. In the past couple of weeks, though, these fiat-tied assets have seen a combined growth of $663.2 million, which may be one of the early signs that a rebound could finally be taking place. Such small rises in the metric have already been seen a few times during this downtrend, though, so this latest one might as well turn out to be a temporary deviation like those previous ones. If, however, this recent increase is indeed a sign that things are finally changing, then it would mean that the cryptocurrency sector is seeing some constructive growth at last. BTC Price Bitcoin hasn’t moved an inch in the last few days as the asset continues to move around the $25,900 level. BTC has fallen back to consolidation recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":549917,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,89300,87825,1119,1144,89301,15241],"class_list":["post-549905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bounce","tag-bitcoin-rebound","tag-btc","tag-btcusd","tag-stablecoin-whales","tag-stablecoins"],"acf":[],"yoast_head":"\nThis Could Be The Metric To Watch For A Bitcoin Bounce: Santiment<\/title>\n<meta name=\"description\" content=\"On-chain data from Santiment suggests that the stablecoin whale supply could be the metric to watch for the likelihood 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This Could Be The Metric To Watch For A Bitcoin Bounce: Santiment","url":"http:\/\/uniquehot.com\/news\/this-could-metric-watch-bitcoin-bounce-santiment\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/this-could-metric-watch-bitcoin-bounce-santiment\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/kanchanara-GnWfl_nnZro-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/kanchanara-GnWfl_nnZro-unsplash.jpg?fit=6048%2C4024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bounce","bitcoin rebound","btc","btcusd","stablecoin whales","stablecoins"],"dateCreated":"2023-09-04T14:30:59Z","datePublished":"2023-09-04T14:30:59Z","dateModified":"2024-06-11T07:06:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Could Be The Metric To Watch For A Bitcoin Bounce: Santiment\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/this-could-metric-watch-bitcoin-bounce-santiment\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/this-could-metric-watch-bitcoin-bounce-santiment\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/kanchanara-GnWfl_nnZro-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/kanchanara-GnWfl_nnZro-unsplash.jpg?fit=6048%2C4024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bounce\",\"bitcoin rebound\",\"btc\",\"btcusd\",\"stablecoin whales\",\"stablecoins\"],\"dateCreated\":\"2023-09-04T14:30:59Z\",\"datePublished\":\"2023-09-04T14:30:59Z\",\"dateModified\":\"2024-06-11T07:06:59Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/kanchanara-GnWfl_nnZro-unsplash.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/549905"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=549905"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/549905\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/549917"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=549905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=549905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=549905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}