The share of deposits belonging to the 1% largest USDC addresses reached a 22-month low at 88,667%. Analysts at Glassnode noted this.
📉 $USDC Percent Supply Held by Top 1% Addresses just reached a 22-month low of 87.667%
Previous 22-month low of 87.669% was observed on 20 August 2022
View metric:https://t.co/EU57HUtLdu pic.twitter.com/dG7Qj1bAjF
— glassnode alerts (@glassnodealerts) August 22, 2022
The capitalization stablecoin of the Centre consortium is declining for the second month — from a peak above $56 billion at the start of July, the metric has fallen to $52.2 billion (CoinGecko). The market supply of the competing USDT from Tether, amid the market rout, declined from $83.2 billion in mid-May to $67.6 billion.
However, the latter’s capitalization rose by about $2 billion after August 8. On that day, Circle blacklisted USDC addresses of the Tornado Cash mixing service after OFAC sanctions were imposed OFAC sanctions. One of the stablecoin operators blocked movement of at least 75 000 USDC.
On-chain data also show that, amid the sell-off of USDC, the number of exchange deposits (7d MA) reached a 17-month low — 138 250. On 23 March 2021, the figure was 138 810.
📉 $USDC Number of Exchange Deposits (7d MA) just reached a 17-month low of 138.250
Previous 17-month low of 138.810 was observed on 23 March 2021
View metric:https://t.co/yhG6sKrvi6 pic.twitter.com/tB9ZoQVs7j
— glassnode alerts (@glassnodealerts) August 22, 2022
The inflow to exchanges in the stablecoin declined to an 11-month low — $11 130 584.
📉 $USDC Exchange Inflow Volume (7d MA) just reached a 11-month low of $11,130,584.25
Previous 11-month low of $11,286,419.70 was observed on 16 February 2022
View metric:https://t.co/NRowlHHLDG pic.twitter.com/0GdYOmrmNO
— glassnode alerts (@glassnodealerts) August 22, 2022
Meanwhile, the average transaction volume of the stablecoin reached a three-year high of 228,721.050 USDC.
📈 $USDC Mean Transaction Volume (7d MA) just reached a 3-year high of 228,721.050 USDC
Previous 3-year high of 226,056.588 USDC was observed on 19 June 2022
View metric:https://t.co/VUwnIn7YLP pic.twitter.com/FDrgkDUIuZ
— glassnode alerts (@glassnodealerts) August 22, 2022
In line with this, the solid growth in USDC’s capitalization in the first half of the year allowed Arcane Research to forecast that in October the coin will surpass the leader USDT in this metric.
Read ForkLog bitcoin news in our Telegram — cryptocurrency news, prices and analytics.
Read ForkLog bitcoin news in our Telegram — cryptocurrency news, prices and analytics.