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 Топ 1% даректер тарабынан камсыздалган пайыздык камсыздоо 22% 87.667 айлык эң төмөнкү деңгээлге жетти
Мурунку 22 айлык эң төмөнкү 87.669% 20-жылдын 2022-августунда байкалган
Көрүү көрсөткүчү:https://t.co/EU57HUtLdu pic.twitter.com/dG7Qj1bAjF
- glassnode эскертүүлөрү (@glassnodealerts) August 22, 2022
катары Cointelegraph буга чейин маалымдалгандай, 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.
байланыштуу: Көз карандысыз Tether аттестациясы коммерциялык кагаздардын 58% азайгандыгын аныктайт
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 Алмашуу депозиттеринин саны (7d MA) 17 айлык эң төмөнкү 138.250кө жетти
Мурунку 17 айлык эң төмөнкү 138.810 23-жылдын 2021-мартында байкалган
Көрүү көрсөткүчү:https://t.co/yhG6sKrvi6 pic.twitter.com/tB9ZoQVs7j
- glassnode эскертүүлөрү (@glassnodealerts) August 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 Орточо транзакциянын көлөмү (7d MA) жаңы эле 3 USDC 228,721.050 жылдык эң жогорку чекке жетти.
3 USDC мурунку 226,056.588 жылдык эң жогорку көрсөткүч 19-жылдын 2022-июнунда байкалган.
Көрүү көрсөткүчү:https://t.co/VUwnIn7YLP pic.twitter.com/FDrgkDUIuZ
- glassnode эскертүүлөрү (@glassnodealerts) August 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 мүмкүн болуучу юридикалык кесепеттери.
Source: https://cointelegraph.com/news/usdc-whale-holdings-percentage-lowest-in-almost-two-years