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USDC whale stocks hit two-year low

 


The ongoing price fluctuations in the crypto market are having a significant impact on the USD Coin (USDC) stablecoin. The recent performance whale addresses shows a decline and even hits a two-year low.


As data from Glassnode shows, USD coin metrics are becoming increasingly unspectacular. The stablecoin has seen selloffs and declines recently, causing its market cap to drop.


A report on the second-largest stablecoin by market cap revealed that the US Treasury sanction on Tornado Cash is one of the factors affecting USDC. The sanction has not only affected the market capitalization of USDC, but also that of Tether (USDT).


Following the Tornado Cash case, Circle, USD Coin's parent company, froze approximately 75,000 USDC tokens. These were held by some addresses associated with Tornado Cash.


This also led to the reduction of USDC's market capitalization. Tether, on the other hand, has seen a surge of around $2 million a few days after the US Treasury sanction.


Many commentators in the industry are comparing the growth and decline in market capitalization for USDT and USDC. The majority agrees that investors have switched from USDC to USDT. However, data from on-chain analytics firms are pointing to a massive sell-off over the past two weeks.


Data from Glassnode confirms that USDC's seven-day moving average of currency deposits hit a 17-month low of 138,250. This was a similar level to the 138,810 low seen in March 2021.


There is also an indication that the share of top 1% addresses for USDC has reached 87.667%, which would mark a 22-month low for the stablecoin.


Despite the declining market capitalization, USDC saw an increase in the aspect of performance. This increased in weekly average transaction volumes and hit a three-year high. The value showed up to 228 million USD tokens. This exceeds the value of June 2022, when it was 226 million.

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