The data from wallet tracker Nansen, suggests that Crypto traders are switching bitcoin positions for stable coins. Popular Crypto whale who goes by the name Crypto Messiah, In a new episode of Delta-Fi, sheds light on the data from Nansen.
According to the data, a huge number of investors are trading their bitcoin and other cryptocurrency positions for stablecoins. These stablecoins will remain pegged to fiat money, making a way for traders to exit the market.
“Somebody asked Nansen on Twitter and wanted to know, ‘Do you guys track the farms? Or are these guys moving to stablecoins because they’re farming?’ But you know what, for me it kind of looks like a bit of de-risking.”
The Crypto Whale says, in order to determine which wallets are worth watching Nansen uses various methods and parameters. He doesn’t think all the wallets are whale wallets, perhaps some could be of people who have shown great performance.
“I don’t think all of them are whale wallets but the idea here is that these guys are educated, informed participants. And they’ve actually got an indicator now which shows you the stablecoin percentage allocation of the smart money”
Investment in Keeper DAO
He also mentions his own portfolio, he has been strengthening positions in the crypto projects he believes are of great potential and fundamentals and will shoot up after the correction phase.
The Whale has recently made a big buy-in Keeper DAO(ROOK), currently, he has 5000 ROOK worth $1.5 Million. Keeper DAO is an on-chain liquidity underwriter for Defi. it is currently trading at $329.75 with a 24hr rise of 2.1%.