Crypto whales all across the board have been seemingly taking more conservative positions in stablecoins since the bear market started. This has evolved into larger holdings in dollar-pegged cryptocurrencies which have very low volatility. These digital assets have since become a safe haven for investors who are looking to escape highly volatile tokens but still keep their funds in the crypto market. Crypto Whales Move To Stablecoins Usually, there has been a marked increase in the stablecoin holdings of the top Ethereum whales but this trend of moving into stablecoins seems to not be localized to just Ethereum whales alone. Data shows that the holdings of whales across 5 blockchains are increasingly skewing towards stablecoin holdings. Related Reading: Bitcoin Shakes Off Bears Following CPI Release, But Will This last? The 5 blockchains in this report are Ethereum, Fantom, BNB Chain, Avalanche, and Polygon, and takes a look at the holdings of the top 1,000 whales. The holdings of the largest whales across all of these chains are mostly in the native tokens of the chain, but stablecoins such as USDT and USDC are increasingly important to them. For the top 1,000 ETH whales, USDC and USDT currently account for $842 million (26.9%) and $710 million (22.7%) of their holdings respectively. BNB Chain whales leaned even more heavily with BUSD making up 41.19% ($365 million) and USDT making up 16.22% ($144 million) of their holdings. ...
