Data: The total position of USDC with smart money and active wallet addresses has reached a low point in several months
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.
Interpretation of this information:
The message reports a decrease in the amount of USDC in the “smart money” wallet addresses. Nansen’s data indicates that the current total balance is around $485 million, which is down from $700 million a month ago and $1.02 billion a year ago. The proportion of smart money in all stable currencies has also decreased from 30% at the beginning of the year to 21% currently. The data shows that the record high of 38% was achieved at the end of August 2022.
This message suggests that the market sentiment towards stable coins like USDC is changing, with less “smart money” investing in it. Previously, the smart money had been putting more money into USDC as it was deemed a safer and more reliable investment. However, the recent decrease in USDC holdings in “smart money” wallets suggests that they may be looking for other investment opportunities or a shift in market sentiment towards different cryptocurrencies.
The decrease in the proportion of smart money in all stable currencies could also indicate a shift towards riskier investments or a decrease in confidence in the stable coin market overall. This trend could impact the value of stable coins like USDC, as a decrease in demand could lead to a decrease in value.
Overall, this message suggests that the market for stable coins like USDC is undergoing a change. While previously popular among “smart money” investors, the recent data indicates a decrease in confidence and investment. It remains to be seen how this trend will continue and impact the overall cryptocurrency market.
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