A recent analysis provided by the cryptocurrency analysis firm Santiment shed light on the trends of Bitcoin and its major players.

The analysts observed that whale wallets, which hold substantial amounts of Bitcoin, are indicating a positive long-term outlook. These whales, defined as holders with more than 10 BTC, currently possess a record-breaking 16.17 million BTC.

The report suggests that for the cryptocurrency industry to initiate a new bullish trend, there needs to be an uptick in Bitcoin purchases from Tether and USDC holders.

However, a closer look at the significant whale wallets of these stablecoins reveals that wallets containing assets ranging from 100 thousand to 10 million dollars collectively hold 34.2% of the total supply. This marks a slight decrease of about 2% compared to half a year ago.

Conversely, in the case of USDT, 30.3% of the total supply rests in cryptocurrency wallets with assets between 100 thousand and 10 million dollars, indicating a decrease of 5.37% from six months prior.

Please note that this content is not meant as investment advice.