Smart Money Staying Put as USDC Remains Off Peg

Data from Nansen shows the total amount held by smart money wallets, and active addresses, are at multi-month lows.

AccessTimeIconMar 13, 2023 at 8:29 a.m. UTC
Updated May 9, 2023 at 4:10 a.m. UTC

Crypto’s smart money – which Nansen defines as everything from institutions to large traders – is dropping Circle’s USDC, on-chain data shows.

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According to data from Nansen, the total balance of USDC in smart money wallets is approximately $485 million across 1,396 wallets. This is down from $700 million in 1,455 wallets a month ago and $1.02 billion in 1,478 wallets a year ago.

Meanwhile, the percentage of smart money in all stablecoins has dropped to 21%. At the start of the year it was near 30%, and hit an all-time high of 38% at the end of August 2022.

This skepticism of USDC by crypto’s biggest holders is likely impairing the ability for USDC to regain its dollar peg.

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Nansen reports the supply of USDC on exchanges is up 8% compared to a week ago.

CoinGecko data says USDC is currently trading at 98 cents. Across all exchanges, Kraken is the closest to regaining its peg, with the USDC-USD price coming in at 99.22 cents.

On Binance, USDC-USDT perpetual futures contracts, are trading at 98.72 cents, slightly ahead of the spot price of 98 cents, implying that some traders are optimistic the peg will be restored.


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