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On-Chain Insights: USDC Redemptions, Smart Money BLUR Inflows
Osgur Murphy O Kane
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Key Takeaways
2 min read
  • Large redemptions of USDC as expected. However, it has regained peg after dropping below $0.88 at the weekend.
  • ETH continues to flow off exchanges as confidence in centralized entities is extremely low.
  • Notable inflows of BLUR to Smart Money wallets, while there has also been some Smart Money traders buying LIT over the past 24H.

General

USDC

Last weekend Circle confirmed that approximately 7% of their assets were in Silicon Valley Bank (SVB) which had just been announced as bankrupt. This caused massive fear in the markets given the numerous crashes and bankruptcies endured over the past year. Note that USDC remains almost entirely backed (and is arguably fully backed).

  • Check out this Nansen dashboard shows the redemptions of USDC. There have been a number of 9 figure burns, most notably $650m around 5pm Lisbon time.

Overall, the number...