Bitcoin whales at 3-year lows, ATH retailers

Data from the chain revealed that the bitcoin holdings of large investors – commonly referred to as whales – have plummeted in recent months.

Meanwhile, smaller investors’ BTC bags are on the rise, hitting a new all-time high.

whales vs. retail

Santiment classifies BTC investors who own between 100 and 10,000 as whales and describes in a recent post that their holdings have gradually declined over the past few months.

They also fell in September, but the trend reversed at the end of the month, coinciding with a brief Bitcoin pumping. However, as BTC failed to continue rising, they began liquidating their assets and currently only held 45.6% of the entire supply, which is the lowest level in 3 years.

At the same time, the research firm noticed a significant difference in investor behavior (such as holdings between 0.1 and 10 BTC). Their holdings have increased despite the market crash since the beginning of the year.

This is particularly interesting because retailers generally sell when the market cools down and buy when the noise returns. Santiment’s data shows a completely different landscape now, with whales selling and piling up. In fact, the latter has reached an all-time high, as it currently holds 15.9% of the available BTC supply.

Stable coins are declining

Stablecoins are the preferred investment vehicle for market participants in times of uncertainty, but that hasn’t been the case lately either.

As new investors turn to these assets, their market value increases and vice versa. According to Santiment, the market capitalization of the two largest stablecoins – USDT and USDC – has fallen recently, from over $121 billion in early August to $113 billion today. This represents a decrease of 6.6% in two months.

CoinMarketCap data is more painful. It says Tether’s market cap was over $83 billion on August 5, which was the highest ever. Currently, it is struggling for less than $70 billion.

The case for the USDC is similar – $55 billion two months ago and $44 billion now.

Bitcoin Whales After its 3-year decline, ATH retail investors made their debut on CryptoPotato.

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