Whales Reverse Course: Prefer Tether to USDC in Recent Crypto Winter
October 13, 2022
According to Whalestats, USDC is the top sold token while USDT is the top purchased token.
How do we know Whales (on the Ethereum blockchain) have reversed course?
- From the image above we see that whales are net selling USDC and net buying USDT (Tether).
- Interestingly, USDT is being bought at twice the rate that it is being sold.
- Whales are also net buying ETH … even in this environment.
How are we to act on this information?
- In general, the Whales are still not that active. They are mostly HODL-ing.
- Speculatively, they might be buying Tether for use in more yield farming pools — so they can make some yield while waiting out this crypto winter.
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