Non-empty

wallets
for
stablecoins
such
as
Circle’s
USDC
and

Tether’s
USDT
have
been
on
the
rise
for
a
while
now
as
crypto
prices
have
recovered
since
the
start
of
the
year.
This
has
come
to
a
head
as
the
non-empty
wallets
have
grown
double-digits
in
a
very
short
time.
While
this
could
point
to
recent
selling,
it
is
also
quite
bullish
for
crypto
going
by
historical
performances.

Non-Empty
USDT
And
USDC
Wallets
Jump
13.9%

According
to
the
on-chain
data
tracking
platform
Santiment,
there
has
been
a
significant
shift
in
the
number
of
crypto
wallets
that
are

 

holding
stablecoins
on
their
balances.
This
growth
is
mostly
seen
in
stablecoins
such
as
Tether’s
USDT
and
Circle’s
USDC.

Related
Reading

As
Santiment’s
data
shows,
the
total
number
of
non-empty
wallets
holding
USDC
has
risen
13.9%
so
far
in
2024.
Likewise,

USDT
wallets
have
also
been
on
the
rise,
with
a
marked
15.7%
increase
in
non-empty
wallets
in
the
same
time
period.

The
chart
shows
a
steady
increase
in
the
number
of
these
non-zero
wallets
as
the
price
of
Bitcoin
had
recovered,
taking
the
whole
crypto
market
along
with
it.
The
total
among
of
USDT
holders
moved
from
around
4.5
million
at
the
start
of
the
year
to
5.7
million
at
the
time
of
the
report.
For
USDC,
this
figure
went
from
around
1.9
million
to
more
than
2.15
million.
In
total,
there
are
more
than
7.85
million
stablcoin
wallets
between
the
both
of
them.

????
Concerned
about
another

#crypto
market
retrace?
You
may
be
comforted
by
the
fact
that
the
amount
of
non-empty

#stablecoin
wallets
are
rising.
In
2024,
the
amount
of

#USDCoin
non-empty
wallets
has
grown
by
+13.9%,
and

#Tether
wallets
have
grown
+15.7%.

https://t.co/9K2y8UgOv9

pic.twitter.com/mxdkrgn36M

—
Santiment
(@santimentfeed)

May
23,
2024

Now,
given
the
recent

uptick
in
the
number
of
non-zero
stablecoin
wallets,
it
could
suggest
there
has
been
some
selling.
However,
stablecoins
have
seen
their
market
caps
increase
drastically
as
more
coins
have
been
minted,
suggesting
that
investors
are
looking
to
buy
rather
than
sell.

 

Rising
Stablecoin
Wallets
Is
Good
For
Crypto

The
rise
in
the
non-zero
stablecoin
wallets
are
good
for
crypto,
especially
in
the
event
of
a
retrace,
as
the
on-chain
tracker
points
out.
This
is
because
investors
usually
keep
their
funds
in
stablecoins
waiting
for
good
opportunities
to
buy,
and
during
market
retrace,
they
tend
to
deploy
stablecoins
such
as

USDT
and
USDC
to
buy
other
assets
for
low
prices.

Related
Reading

A
correlation
can
be
seen
between
the
rising
Bitcoin
and
crypto
prices
this
year
and
the
rising
stablecoin
market
cap.
For
example,
the

USDT
market
cap
went
from
$93
billion
to
over
$111
billion
since
January,
signifying
a
20%
increase.
In
the
same
vein,
the

USDC
market
cap
went
from
$25
billion
in
January
to
over
$33
billion
in
May,
representing
a
32%
increase
for
the

 

stablecoin.

In
the
last
24
hours
alone,
over
$160
million
was

moved
from
the
USDC
treasury
in
two
transactions
into
unknown
wallets,
suggesting
that
crypto
investors
are
getting
ready
to
get
into
the
market.

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson

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