The percentage of USD Circle (USDC) stablecoins held by major wallet addresses dropped to its lowest point in almost two years as the cryptocurrency market downturn continues.
Cryptocurrency analytics firm Glassnode has released the latest data on USDC metrics, reflecting a recent sell-off of the second biggest U.S. dollar-backed stablecoin by market capitalization.
USDC Procentinė pasiūla, priklausanti 1 % geriausių adresų, ką tik pasiekė žemiausią 22 mėnesių lygį – 87.667 %
Ankstesnis 22 mėnesių minimumas – 87.669 % – buvo pastebėtas 20 m. rugpjūčio 2022 d.
Peržiūrėti metriką:https://t.co/EU57HUtLdu pic.twitter.com/dG7Qj1bAjF
- „glassnode perspėjimai“ (@glassnodealerts) Rugpjūtis 22, 2022
Kaip Cointelegraph pranešta anksčiau, sanctions imposed on cryptocurrency mixer Tornado Cash by the U.S. Treasury Department had a marked effect on the capitalization of both USDC and its biggest competitor, Tether (USDT).
While USDT markets saw growth of almost $2 billion in the days following the sanctions, USDC’s market cap shrunk after its issuer Circle decided to freeze some 75,000 USDC tokens held by addresses linked to Tornado Cash.
Susiję: Independent Tether atestacija rodo, kad 58% sumažėjo komercinių popierių kiekis
Various commentators have suggested that some users shifted funds from USDC to USDT, given the correlation in the decline and growth of the respective stablecoins’ market cap. Data from Glassnode shows that the percent of USDC held by the top 1% of addresses reached a 22-month low of 87.667%.
While on-chain data shows that there has been a sell-off of USDC over the past fortnight, metrics released by Glassnode on Aug. 22 showed that the seven-day moving average of USDC exchange deposits also reached its lowest point since March 2021.
USDC Biržos indėlių (7d MA) skaičius pasiekė 17 mėnesių žemiausią lygį - 138.250
Ankstesnė 17 mėnesių žemiausia 138.810 vertė buvo pastebėta 23 m. kovo 2021 d.
Peržiūrėti metriką:https://t.co/yhG6sKrvi6 pic.twitter.com/tB9ZoQVs7j
- „glassnode perspėjimai“ (@glassnodealerts) Rugpjūtis 22, 2022
While the market cap of USDC might be down, the stablecoin reached a three year high in terms of weekly mean transaction volume, surpassing the previous high registered in June 2022.
USDC Vidutinė sandorių apimtis (7 d. MA) ką tik pasiekė aukščiausią 3 metų lygį – 228,721.050 XNUMX XNUMX USDC
Ankstesnis 3 metų didžiausias 226,056.588 19 2022 USDC buvo pastebėtas XNUMX m. birželio XNUMX d.
Peržiūrėti metriką:https://t.co/VUwnIn7YLP pic.twitter.com/FDrgkDUIuZ
- „glassnode perspėjimai“ (@glassnodealerts) Rugpjūtis 22, 2022
USDC had been touted to contend with USDT as the top stablecoin of 2022 by market capitalization in July 2022, edging to within $11 billion of Tether’s market cap. This percentage has eroded since the Tornado Cash debacle.
Tether remains mute on whether it would blacklist or freeze USDT tokens linked to the sanctioned mixer. Cointelegraph has reached out to the stablecoin operator to ascertain whether it will follow Circle’s lead in freezing assets linked to Tornado Cash addresses, given the galimų teisinių pasekmių.
Source: https://cointelegraph.com/news/usdc-whale-holdings-percentage-lowest-in-almost-two-years