What do the "Sharks" eat?
This is a follow up to a User Behavior Indicator introduced earlier.
Long story short, we keep an eye on a group of "sharks" in stablecoins, the ones holding $10K-$100K in USDT and USDC:
![](https://production-sanbase-images.s3.amazonaws.com/uploads/ece5bffd6366c3eaa1986d8df3750c8d336ddb5c092c5a44e7ba3bf44abe879f_1691761808908_Tether%20%5Bon%20Ethereum%5D%20%28USDT%29%20%5B15.49.59%2C%2011%20Aug%2C%202023%5D.png)
Did they buy the dip, did they sold the top? What did they swap their stables to?
We did a short research and found out that the recent decline in both stablecoin holdings is connected with the following moves:
![](https://production-sanbase-images.s3.amazonaws.com/uploads/c6af4fc4550f2255a4d0c2399da39a5ab00300af8fa9397c39e72f0de81900d6_1691768528670_chart%20%281%29.png)
44% – Sent to CEX
7% – Swapped to ETH
7% – Deposited into Aave as collateral
4% – Swapped to RLB
3% – Swapped to DAI, deposited into Maker
3% – Swapped to USDC, opened leveraged positions on dYdX
Other transactions were either wallets reshuffling or unclear.
Thanks for reading!
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