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:
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.
Thanks for reading!
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