A large number of traders are concentrating on selling USDT in the main stablecoin pools of Curve Finance and Uniswap

ChainCatcher news, according to Coindesk, traders have concentrated their sell-off of USDT in the major stablecoin pools of Curve Finance and Uniswap, causing these pools to become severely imbalanced. Data shows that in the Curve 3 pool, composed of USDT, USDC, and DAI stablecoins, the USDT balance surged to 62%, while USDC and DAI account for approximately 19% of the pool. In the USDT-USDC trading pool on Uniswap, the USDT balance is $105.4 million, while USDC is only $6.5 million.

The current imbalance indicates that investors are increasingly inclined to hold DAI or USDC rather than USDT, as there are more USDT sellers in the pool. Currently, the price of USDT is reported at $99.88, slightly below $1. Investors seeking to collectively sell off an asset signifies that the market is in distress. Similar imbalances occurred during the Terra collapse in May 2022 and when the Silicon Valley Bank crisis impacted USDC issuer Circle in March of this year.