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Smart Money Staying Put as USDC Remains Off Peg
Data from Nansen shows the total amount held by smart money wallets, and active addresses, are at multi-month lows.
By Sam Reynolds
Updated May 9, 2023, 4:10 a.m. Published Mar 13, 2023, 8:29 a.m.
Crypto’s smart money – which Nansen defines as everything from institutions to large traders – is dropping Circle’s USDC, on-chain data shows.
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According to data from Nansen, the total balance of USDC in smart money wallets is approximately $485 million across 1,396 wallets. This is down from $700 million in 1,455 wallets a month ago and $1.02 billion in 1,478 wallets a year ago.
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Meanwhile, the percentage of smart money in all stablecoins has dropped to 21%. At the start of the year it was near 30%, and hit an all-time high of 38% at the end of August 2022.
This skepticism of USDC by crypto’s biggest holders is likely impairing the ability for USDC to regain its dollar peg.
Nansen reports the supply of USDC on exchanges is up 8% compared to a week ago.
CoinGecko data says USDC is currently trading at 98 cents. Across all exchanges, Kraken is the closest to regaining its peg, with the USDC-USD price coming in at 99.22 cents.
On Binance, USDC-USDT perpetual futures contracts, are trading at 98.72 cents, slightly ahead of the spot price of 98 cents, implying that some traders are optimistic the peg will be restored.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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