- Stablecoin sharks and whales have recently continued their accumulation trend.
- BTC and ETH have failed to break through their psychological barriers.
As the sun sets in the second month of the third quarter, traders are taking comfort in their stablecoin holdings according to recent data. The allure of stability gets stronger as Ethereum [ETH] and bitcoin [BTC] struggling with their unyielding psychological barriers, unable to rise above current positions.
In this moment of uncertainty, stablecoins have become a haven for those navigating the volatile crypto market.
– How much are 1,10,100 BTC worth today
Stablecoin sharks and whales resume accumulation
In a fascinating turn of events, recent data from Sanitation revealed intriguing moves between the stablecoin sharks and whales in the crypto ocean. Like the mighty Bitcoin [BTC] and Ethereum [ETH] seemed to hit a temporary pause in their trends, these enigmatic creatures wasted no time and quickly began their accumulation strategies.
Source: Sentiment
The chart depicting this engaging activity shows how these influential wallets have set their sights on stablecoins such as Tether USDT, USDC, BUSD, and DAI. It is as if they have recognized the need for a more stable haven amidst the choppy waters of the crypto market.
Analysis of the Bitcoin and Ethereum trend
We can observe an interesting pattern by looking at the daily timeframe chart for BTC. After breaking through the $30,000 price range, BTC’s progress hit a $31,000 roadblock. It has struggled to completely surpass this level. Moreover, as it dipped below $30,000, the $30,000 to $31,000 range became a psychological barrier, hindering its upward movement.
At the time of writing, Bitcoin was trading at around USD 29,460, showing a small increase of less than 1%. However, recent price development could have been more impressive, as evidenced by its position below the short moving average (yellow line).
Source: TradingView
If we shift our focus to ETH, we find a similar story. The $2,000 price range became a psychological hurdle for the altcoin. It has approached this level several times in recent weeks, but struggled to hold it.
At the time of writing, the price of ETH was around $1,862. Unlike BTC, it was currently trending above its short moving average, though leaning heavily on it for support.
Source: TradingView
In both cases, these key price ranges pose significant asset challenges. Stablecoins sharks and whales are watching closely to see if they can break through these barriers and regain their positive momentum.
Realistic or not, here is the market cap of ETH in terms of BTC
BTC and ETH traders are betting on a price increase
According to data from Mint glass, traders placed their bets on a possible price hike for BTC and ETH. At the time of writing, the funding rate remained positive, in line with the trend observed in recent weeks.
This positive funding rate suggested that the general sentiment among traders was bullish as they expect BTC and ETH to overcome their current resistance levels.