USD1 is down $400 million in two weeks, and WLFI fell to 0.0548 tonight. I’m not buying the dip.
Here’s what I saw: CoinGecko data shows USD1’s market cap dropped from $4.43 billion on October 6 to $4.02 billion today, a decline of 9.1%.
Onchain Benchmark data shows that about $200 million in redemptions on BNB Chain came almost entirely from a single address, in batches of $30 million to $50 million.
The good news is that the peg held, staying between 0.998 and 1.000 throughout.
On the same day, deposits in crypto lending vaults topped $10 billion, as stablecoins moved toward yield-bearing opportunities.
WLFI was trading at 0.0548 on Binance spot, down 4% in 24 hours. Tonight’s 4H candle plunged from 0.057, breaking below both the MA20 and MA60.
I don’t think this is a run; it’s a large holder pulling out. USD1’s market is too dependent on a handful of large wallets.
The issuer also plans to switch from BitGo to its own trust company. Supply is shrinking ahead of that transition, which weighs on sentiment toward WLFI.
What I’m doing: watching, not buying the dip. I’ll take another look if a 4H candle closes back above 0.057.
Invalidation: if it breaks below the October 9 low of 0.0533, I’ll treat that as a weakening trend and won’t try to catch a falling knife.
Do you think USD1’s shrinking supply is due to large holders rotating funds, or a loss of confidence?
$WLFI $USD1 $BNB
#USD1稳定币两周市值减少超4亿美元 #加密金库存款超100亿美元
Here’s what I saw: CoinGecko data shows USD1’s market cap dropped from $4.43 billion on October 6 to $4.02 billion today, a decline of 9.1%.
Onchain Benchmark data shows that about $200 million in redemptions on BNB Chain came almost entirely from a single address, in batches of $30 million to $50 million.
The good news is that the peg held, staying between 0.998 and 1.000 throughout.
On the same day, deposits in crypto lending vaults topped $10 billion, as stablecoins moved toward yield-bearing opportunities.
WLFI was trading at 0.0548 on Binance spot, down 4% in 24 hours. Tonight’s 4H candle plunged from 0.057, breaking below both the MA20 and MA60.
I don’t think this is a run; it’s a large holder pulling out. USD1’s market is too dependent on a handful of large wallets.
The issuer also plans to switch from BitGo to its own trust company. Supply is shrinking ahead of that transition, which weighs on sentiment toward WLFI.
What I’m doing: watching, not buying the dip. I’ll take another look if a 4H candle closes back above 0.057.
Invalidation: if it breaks below the October 9 low of 0.0533, I’ll treat that as a weakening trend and won’t try to catch a falling knife.
Do you think USD1’s shrinking supply is due to large holders rotating funds, or a loss of confidence?
$WLFI $USD1 $BNB
#USD1稳定币两周市值减少超4亿美元 #加密金库存款超100亿美元