{"id":250291,"date":"2022-08-05T07:00:19","date_gmt":"2022-08-05T01:30:19","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=250291"},"modified":"2022-08-04T18:16:09","modified_gmt":"2022-08-04T12:46:09","slug":"usdt-and-usdc-accumulation-surge-can-point-towards-a","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/usdt-and-usdc-accumulation-surge-can-point-towards-a\/","title":{"rendered":"USDT and USDC accumulation surge can point towards a…"},"content":{"rendered":"

The circulating supply of Tether [USDT] and USD Coin [USDC] has seen a dramatic decrease<\/a> since May 2022.<\/p>\n

In the July edition of its Global Cryptocurrencies and Digital Assets<\/a> report, the Bank of America concluded that the recent rise in crypto outflows from exchanges and a rise in stablecoin<\/span> net inflows hint at a ‘bullish’ market momentum.<\/p>\n

The latest update<\/h3>\n

That being said, two of the largest stablecoins, Tether and USD Coin saw a massive increase in accumulation from a dominant cohort. A specific group of stablecoin holders (between 10k and 100k), also known as sharks showed intense accumulation in the last two-three weeks.<\/p>\n

\"\"<\/a>
Source: Santiment<\/figcaption><\/figure>\n

On the other side, BTC for instance did see some increase in its price action. However, bulls, as per the graph, weren’t in a rush to acquire more. Comparing both the situations, analytic firm Santiment asserted,<\/a><\/p>\n

“This accumulation indicates a disbelief in the rally, and a reluctance to buy in, also known as a ‘wall of worry’.”<\/p><\/blockquote>\n

It also shows that during turbulent times, the said whales sought stability rather than buying the crypto dip.<\/p>\n

I sense(d) this\u00a0<\/strong><\/h3>\n

Given such a demand for stablecoins, both flagship representatives have been busy. For instance, Tether, as reported by WhaleAlert, resumed its minting process despite a few hiccups.<\/p>\n

On 3 August, Tether minted an additional billion USDT. Thus, taking the tally to 66.41 billion. While doing so, it even maintained its $1 peg to USD.<\/p>\n

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\ud83d\udcb5 \ud83d\udcb5 \ud83d\udcb5 \ud83d\udcb5 \ud83d\udcb5 \ud83d\udcb5 \ud83d\udcb5 \ud83d\udcb5 \ud83d\udcb5 \ud83d\udcb5 1,000,000,000 #USDT<\/a> (1,001,883,610 USD) minted at Tether Treasuryhttps:\/\/t.co\/J7058h3uuw<\/a><\/p>\n

— Whale Alert (@whale_alert) August 3, 2022<\/a><\/p><\/blockquote>\n