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Whales’ stablecoin buying power grew over 7% in one month: Here’s what it means

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Bitcoin (BTC) price struggled to overcome $40,000 resistance over the weekend and currently trading just above $38,000. At a time when BTC is hovering at a 40% discount from all-time highs, whales have started accumulating more stablecoins.

According to data from Santiment, stablecoin whales with wallet holdings of 10,000 to 10 million Tether (USDT) have accumulated over $1 billion in buying power in the past month. The data indicates the buying power of these whales increased by over 7% in just one month.

Tether USDT Supply Distribution Source: Santiment

Buying power is defined as the capacity of stablecoins to buy Bitcoin and thereby driving its price higher. When the price of Bitcoin is low, the stablecoin supply is able to purchase a bigger share of the circulating BTC supply, causing the price to rise, thus buying power is high and vice versa.

Related: Rate hikes, CPI and war in Europe — 5 things to watch in Bitcoin this week

The significant accumulation of stablecoins by whales indicates they are waiting to buy BTC at a lower price, showing a bullish outlook for the market….

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