• Whales bought DAI while trying to accumulate BTC.
• MakerDAO witnessed a spike in revenue. 

With rising interest from institutional players like BlackRock, Bitcoin [BTC] has garnered substantial attention from whales. However, it seems that DAI, the stablecoin created by MakerDAO [MKR], may emerge as a beneficiary of this growing interest in BTC.

Realistic or not, here’s MakerDAO’s market cap in BTC’s terms

DAI’ng to buy Bitcoin

According to Santiment’s data, traders have been closely monitoring the price range of $30k to $31k for Bitcoin, with many large investors observing this movement.

These traders were swiftly accumulating stablecoins such as DAI at press time, possibly in an attempt to accumulate more BTC.

It remains to be seen whether these whales will continue to buy more BTC. However, in the process, DAI may benefit greatly from the whales’ bullish sentiment.

At press time, DAI’s marketcap rested at $4.5 billion after declining materially over the last week. In terms of velocity, there was growth observed by the stablecoin, indicating an increased frequency of DAI transactions.

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Author: Himalay Patel

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