As Christmas Approaches, The Crypto Winter Persists: Whales Continue to Hold Stablecoins
December 21, 2022
Hello Bubble Riders! Today we are looking at Whale activity for the top 100 crypto wallets and some “smart money” wallets on the Ethereum blockchain.
Let’s start with data from whalestats.com. The relevant portion is contained in these two lists–top coins sold and purchased.
- USDC and USDT are continuing to be net-buys. (since last week)
- There is minimal whale activity because the top bought and sold tokens are stablecoins, and no transaction is greater than $1M.
- It looks like there is a strong preference for USDC over Tether, which makes sense.
In sum, comparing whale activity from last week to this week, it looks like there is still minimal whale activity. As this year is coming to an end, to follow the whales, play it safe for right now. They are mostly handling stablecoins, particularly Circle’s USDC, during this very long crypto winter.
If you found this helpful, Subscribe to The Art of the Bubble’s free newsletter.
Join us on Discord for live chat and daily updates. Find us on Twitter too.