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USDC volume at whale addresses drops to two-year low

The share of deposits held by the top 1% of USDC addresses hit a 22-month low of 88.667%. This was noticed by Glassnode analysts.

The capitalization of the central consortium’s stablecoin is falling for the second month – from a maximum of $56 billion at the beginning of July to $52.2 billion (CoinGecko). The market supply of rival USDT from Tether fell from $83.2 billion in mid-May to $67.6 billion amid the market crash.

However, the latter’s capitalization has increased by nearly $2 billion since Aug. Today, Circle blacklisted the USDC wallet addresses of its mixing service Tornado Cash after its launch. OFAC sanctions. One of the stablecoin operators blocked the movement of at least 75,000 USDC.

On-chain data also shows that amid USDC sales, FX deposits (softened by the seven-day moving average) hit a 17-month low of 138,250, up from 138,810 on March 23, 2021.

Stablecoin inflows to exchanges fell to an 11-month low – $11,130,584.

At the same time, the average volume of stablecoin transactions reached a record $228,721 over the past three years.

Recall that the steady growth of USDC capitalization in the first half of the year allowed Arcane Research analysts to predict that in October the coin will surpass the leading USDT.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.

Source: Fork Log



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