Steady Decline in USDC Balance in Smart Money Wallets
It is reported that according to Nansen’s data, the total balance of USDC in the address of “smart money” wallet is about 485 million dollars in 1396 wallets, down from 700 million dollars in 1455 wallets a month ago and 1.02 billion dollars in 1478 wallets a year ago. At the same time, the proportion of smart money in all stable currencies has dropped to 21%. At the beginning of this year, this proportion was close to 30%, and reached a record high of 38% at the end of August 2022.
Data: The total position of USDC with smart money and active wallet addresses has reached a low point in several months
Analysis based on this information:
The message reports a steady decline in the total balance of USDC in smart money wallets. Nansen’s data reveals that the balance has dropped to about $485 million in 1396 wallets, a decrease from $700 million in 1455 wallets a month earlier and a significant fall from $1.02 billion in 1478 wallets a year ago. This data indicates that smart money, which refers to investors with significant experience and knowledge of the market, has been withdrawing funds from the USDC stablecoin.
Furthermore, the proportion of smart money in all stable currencies has dropped from a record high of 38% at the end of August 2022 to 21%. At the beginning of 2022, the proportion was close to 30%, indicating a steady decline in the preference for stablecoins among smart money. This trend suggests that smart money investors may be diversifying their portfolio and moving towards riskier investments.
The decline in USDC balance in smart money wallets could be attributed to several reasons. Firstly, it may indicate a shift in investor behavior towards non-stablecoin assets. With the recent rise in cryptocurrency prices, investors may be more inclined to invest in high-risk, high-reward assets like Bitcoin or Ethereum. Secondly, it could be due to increased regulatory scrutiny on stablecoins, which could be making smart money investors cautious about investing in these assets.
Overall, this message suggests that there is a trend away from stablecoins among smart money investors, and there could be various reasons behind this shift. As cryptocurrency markets continue to evolve, it will be interesting to see how investor behavior changes and whether stablecoins will continue to play a significant role.
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