FDUSD Binance Deposits Indicate Whales Bringing Dry Powder to Buy More? Most Likely

🐳💸 After the post-Christmas market-wide dip, crypto markets are seeing an encouraging trend of whales moving stablecoins to exchanges. According to the Santiment top CEX deposits dashboard, there have been 7 different Binance deposits worth at least $9M in the past 24 hours alone, including one worth $50M (2.33% of the entire supply).

These $FDUSD moves are partly for the new Bioprotocol $BIO launchpool in order to farm the altcoin. Whenever there is a new project in the launchpool, we tend to see a wave of $BNB and stablecoins being locked in order to successfully farm them.

Regardless, when this dashboard is being dominated by stablecoin deposits to exchanges, it's a strong sign that whales are gearing up for some purchasing, which can push up prices market-wide. Though it's not a guarantee that these whales plan to put this dry powder to use right away, consider this a bullish sign as 2024 sees its final days. 😎