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On-Chain Insights: LUSD, USDC Redemptions, LQTY and Blur Outflows
Key Takeaways
3 min read
  • Smart Money stablecoin holding ratio relative to all holdings has declined sharply over the past week, which could indicate rotation to ETH and withdrawals into fiat currencies.
  • Similar to interest in DAI and FRAX yesterday, LUSD has seen a notable increase today in Smart Money holdings.
  • USDC is still declining in supply as redemptions outweigh mints, but on-chain data suggests that the fear may have somewhat subsided as netflow volumes slow down.
  • Smart Money has been rotating out of LQTY and BLUR due to its recent price appreciation.


  • The Smart Money stablecoin holding ratio has declined significantly and is currently at 16% relative to all holdings.
  • This could partially be due to some withdrawals into fiat currencies, as well as capital deployment into ETH and altcoins before the crypto markets rallied yesterday following the CPI print.


  • While DAI and FRAX saw an uptick in Smart Money holdings yesterday, LUSD saw a net inflow of $1.27m into Smart Money holders over the past 24H.
  • LUSD and other decentralized stablecoin alternatives have recently seen elevated interest.
  • Subsequently, the balance of LUSD on DEXes has dropped approximately 4% since last week and is now sitting at all-time lows in terms of available supply...