The actions of a certain group of investors in the crypto market have shown where they are putting their funds; amid the ongoing bullish rally, according to cryptocurrency analysis company, Santiment.
Santiment claims that stablecoins, Tether (USDT) and USD Coin (USDC) are being accumulated by “sharks,” or entities that own between 10,000 and 100,000 of a certain cryptocurrency.
According to the market intelligence firm, this demonstrates the skepticism that investors have over the viability of the most recent crypto market boom.
As cryptocurrency prices increased, Tether and USD Coin shark addresses gathered coins. This buildup, sometimes known as a “wall of worry” suggests doubt in the rally and hesitation to get in.
The U.S. Consumer Price Index (CPI) release for July was, nevertheless, welcome news for cryptocurrency investors. The global crypto market valuation is currently at $1.16 trillion, a 7.38% increase over the last day. With trading volume surging by over 32%.