According to analysts at analytics company Santiment, there has been an increase in the number of coins held by large holders of USDT.
According to them, the total value of the stablecoin in addresses with a balance of between 10,000 USDT and 1 million USDT increased by $1.06 billion over the last month, representing 2.7% of the total supply of Tether.
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Santiment believes cryptocurrency whales are accumulating this large amount of the cryptocurrency in order to buy Bitcoin at a lower price. By holding the stablecoin in the context of a Bitcoin crash, the whales are "increasing their purchasing power."
The analysts have also reported a net outflow of BTC from centralized exchanges "for 21 of the last 26 weeks."
Among other things, they have highlighted an increase in Ethereum supply at "whale" addresses coinciding with the falling price of the market's second largest crypto by capitalization.