Stablecoins not the most exciting part of the industry , especially when there are and . However, it is an important indicator of activity related to or .

What are Bitcoin and altcoins affected by?

Santiment data reveals that whales are increasing their trades even when the market enters the red zone. Initially, there seemed to be no connection between the market and this volume of transactions, but the spike in transactions Big can sometimes push traders to buy.

On April 6, most of the major transactions that day, worth more than $100,000, were made in , with 7,453 transactions.

While, () saw 6,450 whale trades. Currently, the market capitalization of about 30 billion USD higher than .

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Source: Santiment

Whales rock the market

As expected, USDC recorded a small increase in trading volume, which started around three days ago and is continuing at the present time. This has important implications, as previous spikes have occurred close to the time price increase.

Stablecoins

USDC Trading Volume | Source: Santiment

Turning to the velocity indicator, we can see that USDC-related activity has indeed increased since mid-February, albeit by a small amount. quite large, especially on 4/3 and 25/3. However, the question is are users buying or selling?

Stablecoins

USDC Velocity Indicator | Source: Santiment

The supply on exchanges can give us a better hint and in this case, this is an indication of a sell signal.

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This conclusion was made based on an increase in the volume of USDC returning to the exchange. However, this trend has prevailed since around early December 2021, when the crashes started. In other words investors sold their USDC and bought dip Bitcoin, Ether or . Currently, this is still ongoing.

Stablecoins

USDC Supply on Exchange | Source: Santiment

Optimistic investors felt quite sad when Bitcoin drops below $45,000. Many lamented that the “king” had finally slipped below its old resistance level.

However, Bitcoin may not be the starter for this drop, as data from revealed that investors seem to be showing more interest in and Altcoins.

With potential For these assets, it seems likely that stablecoin whales will continue to increase stablecoin trading in the near-term.

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