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A few days ago, the buyback offer on all stablecoins surged to an all-time high of nearly $ 5 billion, which, according to one analyst, points to some whales cashing out.
According to the popular cryptocurrency monitoring resource CryptoQuant, on December 10, the number of redeemed stablecoins in all directions reached a record level.
As you can see in the chart below, on December 10, this figure reached almost $ 5 billion when the price of BTC was $ 47 thousand.
CryptoQuant’s Dan Lim believes this may indicate that some whales are cashing out their crypto assets. He also believes that this may be a reaction to the upcoming meeting of the Federal Reserve Board’s Open Market Committee (FOMC), which will be held on December 16.
I’m not sure whales are intimidated by the volatility of the market in response to the FOMC statement on December 16, but the situation is uncertain.
Everyone is cautious until some fears are swept aside, Lim said.
It is worth noting that this does not necessarily mean that cryptokitties are selling BTC, as the price of Bitcoin hit an intraday high of $ 50,800 yesterday before dropping back to $ 48,700.
The cryptocurrency is currently trading at $ 47,900, down almost 4%.
#cryptokits #change #cryptocurrencies #fiat
