Aug 8, 2023

Kaiko says Curve’s 3pool and Uniswap V3’s main USDT-USDC pool both became imbalanced late last week, as USDT selling escalated.

Video transcript

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. Why is there a tether imbalance on curve? Kaiko says Curves three Pool and Unisa V Three's US DTU DC Pool both became imbalanced late last week as US DT selling escalated. However, if you take a look at the chart, the trend actually started mid July well before the curve exploit with $100 million net selling on Unisa from the 15th to the 22nd last month. While net selling eased, it picked up again on July 31st 1 day after the curve exploit. Kaiko notes that the events seem to be unrelated. Unis saw net selling of about $40 million while curve saw 35 million of outflows on centralized exchanges. Us DT has also dipped below its dollar peg. The data analytics firm says it's unclear why traders are swapping us DT, especially since tether just reported massive Q two revenues. That's it for the chart of the day. I'm Jen Senai. We'll see you next time to unpack more of the data behind top news stories.

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