Ethereum Whales Favor Stablecoins, Especially USDC

Ethereum whales have shown no clear trend in their activity over the last seven days, despite high volatility.

However, a recent analysis of data from Dune Analytics revealed that these large buyers are slightly favoring stablecoins over Ethereum on decentralized exchanges (DEXs).

The difference in volume between ETH to stablecoin transactions and stablecoin to ETH transactions is roughly $14 million, with stablecoins having a total volume of $184 million compared to $170 million for ETH.

Furthermore, the data showed that USDC is preferred over USDT by a wide margin, with over $120 million in USDC volume traded over the last seven days, compared to about $41 million in USDT.

The preference for USDC could be due to its deeper liquidity and wider usage in DeFi applications, which may make it more attractive to large traders.