Non-Empty USDC And USDT Wallets See 13.9% And 15.7% Spike, Why This Is Good For Crypto
May 23 2024 - 8:00AM
NEWSBTC
Non-empty wallets for stablecoins such as Circle’s USDC and
Tether’s USDT have been on the rise for a while now as crypto
prices have recovered since the start of the year. This has come to
a head as the non-empty wallets have grown double-digits in a very
short time. While this could point to recent selling, it is also
quite bullish for crypto going by historical performances.
Non-Empty USDT And USDC Wallets Jump 13.9% According to the
on-chain data tracking platform Santiment, there has been a
significant shift in the number of crypto wallets that are holding
stablecoins on their balances. This growth is mostly seen in
stablecoins such as Tether’s USDT and Circle’s USDC. Related
Reading: Shiba Inu Price Can’t Reach $0.01, Crypto Pundit Reveals
Why As Santiment’s data shows, the total number of non-empty
wallets holding USDC has risen 13.9% so far in 2024. Likewise, USDT
wallets have also been on the rise, with a marked 15.7% increase in
non-empty wallets in the same time period. The chart shows a steady
increase in the number of these non-zero wallets as the price of
Bitcoin had recovered, taking the whole crypto market along with
it. The total among of USDT holders moved from around 4.5 million
at the start of the year to 5.7 million at the time of the report.
For USDC, this figure went from around 1.9 million to more than
2.15 million. In total, there are more than 7.85 million stablcoin
wallets between the both of them. 💸 Concerned about another #crypto
market retrace? You may be comforted by the fact that the amount of
non-empty #stablecoin wallets are rising. In 2024, the amount of
#USDCoin non-empty wallets has grown by +13.9%, and #Tether wallets
have grown +15.7%. https://t.co/9K2y8UgOv9
pic.twitter.com/mxdkrgn36M — Santiment (@santimentfeed) May 23,
2024 Now, given the recent uptick in the number of non-zero
stablecoin wallets, it could suggest there has been some selling.
However, stablecoins have seen their market caps increase
drastically as more coins have been minted, suggesting that
investors are looking to buy rather than sell. Rising Stablecoin
Wallets Is Good For Crypto The rise in the non-zero stablecoin
wallets are good for crypto, especially in the event of a retrace,
as the on-chain tracker points out. This is because investors
usually keep their funds in stablecoins waiting for good
opportunities to buy, and during market retrace, they tend to
deploy stablecoins such as USDT and USDC to buy other assets for
low prices. Related Reading: Standard Chartered Analyst Says
Bitcoin Is Set For A New ATH Above $73,700, You Won’t Believe The
Timeline A correlation can be seen between the rising Bitcoin and
crypto prices this year and the rising stablecoin market cap. For
example, the USDT market cap went from $93 billion to over $111
billion since January, signifying a 20% increase. In the same vein,
the USDC market cap went from $25 billion in January to over $33
billion in May, representing a 32% increase for the stablecoin. In
the last 24 hours alone, over $160 million was moved from the USDC
treasury in two transactions into unknown wallets, suggesting that
crypto investors are getting ready to get into the market. Featured
image created with Dall.E, chart from Tradingview.com
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