Facing the "USDC Crisis": Should You Sell or Buy? Let's Take a Look at the Operations of These 14 Whale Addresses
How do Jump, BlockTower, Wintermute, and others operate?Author: Lookonchain
Compiled by: Moni (Odaily Planet Daily)
Affected by the bankruptcy of Silicon Valley Bank, the dollar stablecoin USDC began to depeg this weekend, dropping to a low of $0.87 (it has recovered to above $0.96 this morning). During this process, some chose to panic sell, while others bought the dip. Let's analyze the on-chain data to see how institutional investors responded to the USDC depeg during this "USDC crisis."
1. Jump Trading
Jump Trading deposited 169.68 million USDC to Circle;
2. Wintermute Trading
Wintermute Trading deposited 2.7 million USDC to Circle and 25 million USDC to Coinbase;
3. Genesis Trading
Genesis Trading deposited 25 million USDC to Coinbase;
4. BlockTower Capital
BlockTower Capital deposited 9.96 million USDC to Coinbase;
5. Vitalik.eth
Ethereum co-founder "V God" Vitalik Buterin exchanged 500 ETH for 400,359 USDC and 27,179 DAI;
6. Poap.xyz Founder @worthalter
@worthalter exchanged 893,439 USDT and 106,766 BUSD for 1,081,909 USDC;
7. Justin Sun
Justin Sun exchanged 127 million USDC for 126.96 million DAI through three addresses. It is worth mentioning that before the outbreak of this "USDC crisis," Justin Sun announced that he would fund a $100 million liquidity fund due to leveraged liquidation losses caused by HT market fluctuations and the impact of a few users' leveraged liquidations, and transferred 100 million USDC to Huobi.
8. Kyber Ventures
Kyber Ventures exchanged 16.34 million USDC for 16.34 million USDP;
9. Spartan Group
Spartan Group exchanged 2.5 million USDC for 2,243,537 USDT;
10. Signum Capital
Signum Capital exchanged 2,729,260 USDC for 2,531,743 USDT;
11. LD Capital
LD Capital exchanged 1 million USDC for 229,956 USDT and 488 ETH (approximately $703,162);
12. LedgerPrime
LedgerPrime exchanged 616,304 USDC for 591,033 USDP;
13. Dokia Capital
Dokia Capital exchanged 224,821 USDC for 137.8 ETH (approximately $198,432);
14. Alpha Citadel Ventures
Alpha Citadel Ventures exchanged 236,903 USDC for 231,038 USDT.
In summary, Jump Trading, Wintermute Trading, Genesis Trading, and BlockTower Capital exchanged USDC for cash in USD through Circle and Coinbase during the weekend bank holiday, while V God, Poap.xyz founder @worthalter, and Taureon Capital bought USDC at the bottom.
On the other hand, Justin Sun, Kyber Ventures, Hashed, Spartan Group, Signum Capital, LD Capital, LedgerPrime, Dokia Capital, and Alpha Citadel Ventures exchanged USDC for other cryptocurrencies such as DAI, USDT, USDP, BUSD, and ETH in an attempt to arbitrage.
