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On-Chain Insights: Stablecoin Activity, ETH Trader, and WBTC Smart Money Inflows
Key Takeaways
3 min read
  • While USDC recorded a net reduction of $1.24b in market cap from redemptions over the past day, DAI and FRAX have seen inflows from Smart Money addresses.
  • A prominent trader and ETH whale, who has a strong track record of selling local tops, has recently sent 3,800 ETH to Binance since yesterday, which could mark a drawdown in the next few days if they are correct.
  • The fear over a banking crisis and USDC de-peg have resulted in investors fleeing to safe-haven assets including Bitcoin. Specifically, Smart Money increased their WBTC holdings by $5.14m in the past day.



  • DAI and USDT are the only major stablecoins that have grown in market cap over the past few days, while USDC falls sharply and BUSD continues to wind down.
  • In particular, DAI has seen a $6.14m increase in Smart Money holdings in the past day. However, the netflow is still negative for the week.
  • It will be important to keep track of a consistent rise in unique Smart Money addresses holding DAI (and other stablecoins) over the next few days and weeks as an indicator of restored confidence. The Smart Money DAI holdings and unique Smart Money addresses can be tracked on Token God Mode. Note...