Ethereum Whales Flock to USDC Amid Volatility

Ethereum whales have not shown any clear trend in their activity over the last seven days, despite high volatility.

An analysis of data from Dune Analytics revealed that there is a slight bias toward stablecoins against Ethereum on decentralized exchanges (DEXs), with a volume of $184 million in ETH to stablecoin transactions and $170 million in stablecoin to ETH transactions.

This imbalance, amounting to roughly $14 million, suggests cautious positioning rather than an outright bearish trend, which could be concerning for retail traders. However, the whales' preference for USDC over USDT is more striking.

A breakdown of the trading volume by stablecoin revealed that USDC accounted for over $120 million out of the total $162 million stablecoin volume traded on DEXs, while USDT only accounted for about $41 million. This suggests that large buyers genuinely prefer USDC to USDT or may be taking advantage of its deeper liquidity.

Uniswap was the leading platform for trading both stablecoins, with USDC outperforming USDT by a significant margin, accounting for over 77% of Uniswap-bound stablecoin volume worth over $104 million.