A recent campaign of large stablecoin deposits by whales raises hopes of a recovery for Bitcoin and the broader market after the recent decline.
Crypto markets have shown signs of uncertainty in recent weeks the hawkish stance of the Federal Reserve heading into 2025. While the market held out hope for a recovery a rally on Christmas Daya subsequent sharp correction on Boxing Day raised further doubts.
Amid uncertainty, leading crypto analytics platform Santiment feed has argued that hope lies in the activity of a closely watched class of crypto investors.
Are whales preparing for a gathering?
On Christmas Day, December 25, 2024, Bitcoin rallied to $99,900, up 7% from the Christmas Eve low of $93,500 and a Fed-led decline. But any hopes that a recovery from the recent market collapse is underway are likely to be short-lived.
Notably, on Boxing Day, December 26, the asset gave up most of its holiday gains and traded as low as $95,000, dragging the broader crypto market with it. Despite the wild fluctuations, Santiment feed has claimed that the crypto market still has bullish undercurrents, citing whale activity.
In an X contribution On Friday, December 27, the company noted that this class of crypto investors with extensive holdings were increasingly transferring stablecoins to exchanges following the recent plunge, according to its top centralized exchange depository dashboard, presumably adding more crypto assets to accumulate.
Santiment feed noted that there had been at least seven such deposits worth over $9 million in the last 24 hours alone, with the highest being worth…
