After the Christmas dip in the crypto market, positive trends have emerged: the so-called “whales” (large investors) have begun actively transferring stablecoins to crypto exchanges. According to data from the Santiment analytics platform for tracking deposits on top centralized exchanges (CEX), 7 large FDUSD deposits were made on Binance within 24 hours, each worth at least $9 million, including one large transfer of $50 million (which represents 2.33% of the total issuance of the FDUSD stablecoin).
The FDUSD transfers are partly related to a new project, Bioprotocol ($BIO), which has been launched on Binance Launchpool. Large investors are locking up their BNB tokens and stablecoins to farm
When stablecoin deposits dominate on the exchange, it signals that whales are gearing up to buy cryptocurrency. This can be a reason for overall market price increases. Although in our case, it’s mostly about farming. But, active actions by whales at the end of 2024 can be considered a positive signal for the market.
As of December 27, the total market capitalization of cryptocurrencies is $3.37 trillion, which is 1.15% more than the previous day. The total volume of the crypto market in the last 24 hours was $124.3 billion, marking an increase of 0.58%. The share of stablecoins is $115.76 billion, or 93.13% of the total 24-hour crypto market volume. Bitcoin’s dominance currently stands at 56.82%, which is 0.09% less than the previous day.