- The top 1% of headlines recently dominated 87.667% of the total USDC.
- The on-chain stats show the USDC sell-off over the past two weeks.
As the crypto bear market continues, the share of USDC stablecoins owned by large wallet addresses has fallen to its lowest level in more than two years. glassCryptocurrency analytics and data firm, has just revealed new statistics for USDC, which show recent selloffs of the second largest US dollar-backed stablecoin by market capitalization.
The market capitalization of USDC and its main competitor, Tether (USDT), plummeted when the US Treasury announced sanctions against crypto-mixer Tornado Cash.
Despite the growth of USDT markets by about $2 billion in the days following the sanctions, the market value of USDC declined as a result of the source Circle The decision to freeze approximately 75,000 USDC tokens owned by addresses associated with Tornado Cash.
US penalty after impact
Since the market capitalization of both stablecoins has fallen and gone up at roughly the same rates, some observers have assumed that clients switched their funds from USDC to USDT. According to research by Glassnode, the top 1% of titles recently controlled 87.667% of the total USDC, marking a 22-month low.
Glassnode stats, published on August 22, revealed that the seven-day moving average of US dollar exchange deposits reached its lowest level since March 2021, along with on-chain stats showing USDC sell-offs over the past two weeks.
Despite the low valuation of the USDC market, the average weekly volume of stablecoins reached a 3-year high. In July 2022, USDC’s market capitalization came in the range of $11 billion from Tether, fueling speculation that USDC will challenge USDT for the best stablecoin in 2022. Due to the Tornado Cash scandal, this percentage has fallen.
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