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:

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:

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.