On-Chain Data Reveals How Trading Firms Worked the USDC Stablecoin Repeg

Trading firms like folkvangtrading bought the USDC dip over the weekend as USDT outflows on binance surged to the highest level since the FTX_Official collapse. Reporting by oknightcrypto.

A couple of high-frequency trading firms, in particular, capitalized on USDC's plight, withfrom Binance before executing 59 transactions involving swapping USDT for USDC and the DAI stablecoin. The wallet made a profit of around $16.5 million, according to CryptoQuant research.

"It was an evolving situation and information was scarce," Mike van Rossum, founder of trading firm Folkvang, told CoinDesk."Given what recently happened to FTX and other big crypto players you can see why many wanted to derisk quickly."

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CoinDesk /  🏆 291. in US

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Alameda-Linked Wallet Sent $100M of Stablecoins to Trading Firms After USDC DepegWallets tied to Alameda Research have been sending a flurry of stablecoin transactions to trading firms and crypto exchanges over the past few days. Reporting by oknightcrypto.
Read more »

Over $2B in USDC Stablecoin Burnt in Single Day, Data ShowsNet redemptions of $USDC recently crossed the $4 billion mark, with some 723 million $USDC burnt in a single transaction. This came as issuer circle said over the weekend it would process all transactions and honor redemptions.
Read more »

Cardano (ADA) Whales Waking up, On-chain Data Signals TrendCardano (ADA) institutional investors are back, on-chain data suggests ADA $ADA CardanoADA CardanoCommunity
Read more »

How automated trading helps novices trade like professionalsDiscover how automated trading bots help novices trade crypto like a pro by eliminating the emotional rollercoaster
Read more »

Bitcoin Options Market Still Afraid of USDC VolatilityBitcoin options traders remain wary of volatility in Circle's dollar-pegged stablecoin, analyst said, drawing attention to the implied volatility spread between DeribitExchange and Bybit_Official. Reports godbole17.
Read more »