According to Santiment, if key holders continue swapping stablecoins for Bitcoin (BTC), the crypto king could reach over $30,000 soon. The market intelligence platform’s latest data shows that Bitcoin whales are now trading their stablecoins for the primary crypto asset.

Bitcoin sharks are accumulating the king coin

After months of decreasing their BTC stashes, BTC sharks have also begun to accumulate the flagship crypto asset, as per Santiment.

“We’ve observed that over the past month, whales have been reducing their Bitcoin holdings, but there has been an increase in swapping stablecoins for BTC.

If this trend continues, we may see a significant increase in Bitcoin prices, potentially reaching $30,000 and beyond,” states a crypto analytics firm.

The firm also notes that Bitcoin’s address activity has reached its highest level in months, and traders have been moving BTC at a loss. These signals indicate that Bitcoin is likely to experience a short-term price boost. As of writing, Bitcoin is currently trading at $29,146, which represents a slight decrease over the past 24 hours.”

Santiment goes on to say that traders should keep an eye on “polarizing topics,” such as the post-halving performance of the peer-to-peer payments network Litecoin (LTC) and the continuing enforcement actions of the U.S. Securities and Exchange Commission (SEC) against the industry.

The analytics firm suggests that certain narratives may have an impact on the direction of crypto markets.

They recommend paying attention to polarizing topics such as Curve, RWA (real-world assets), and the Litecoin halving price performance as the week draws to a close.

These topics, along with any ongoing exchange and SEC-related issues, will likely determine whether the markets experience an upward or downward trend at present.

Not too long ago, we also revealed the fact that recent reports suggest that Bitcoin is poised for a significant surge. Pantera Capital CEO, Dan Morehead, believes that Bitcoin (BTC) has emerged from a prolonged bear market and is now at a turning point.

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