Seeking for stability during turbulent times
Things that are hard in the market:
- holding growing assets
- buying the bottom
- selling the top
- adding to a winning position
- cutting a loss early
Things that are easy in the market:
- holding bags to 0
- buying the top
- selling the bottom
- buying the dip (when there's a million dips ahead)
- sitting on the sidelines (while the market grows)
- selling into the rally that's only starting
The last 2 points is exactly what I'm going to talk about.
We at Santiment have been tracking a specific group of stablecoin holders, ones who have between 10k and 100k of a particular stablecoin. Not too small to be newbies, but not yet too big, kind of retail on some steroids. Let's look at their holdings in two main stablecoins, USDC and USDT.
What we're seeing here, is that for the last 2-3 weeks (despite the price growth of BTC ETH and others) they haven't been too keen on parting ways with their stablecoins, even doing the opposite. This could be interpreted as disbelief in this price rally, reluctance to buy in. "Seeking for stability", or "wall of worry", as some call such kind of behaviour. Let's see if this wall is about to be climbed.
Thanks for reading!
If you enjoyed this insight please leave a like, join discussion in the comments and share it with your friends!
Never miss a post from mtkachuk!
Get 'early bird' alerts for new insights from this author