Data-Driven Analysis of Cryptocurrency Markets, Kaiko

Kaiko

Data-Driven Analysis of Cryptocurrency Markets

Kaiko is the leading cryptocurrency market data provider for institutional investors and enterprises. We empower market participants with accurate, transparent, and actionable financial data to be leveraged for a range of market activities. Kaiko’s mission is to be the foundation of the new digital finance economy by serving as a single source for market information. Our mission is premised on the idea that high-quality data drives market efficiency and greater transparency throughout the industry. For each of our enterprise clients, we build custom data plans designed for a range of use cases.

Crypto

<ul><li>The Curve 3pool – long one of the most important sources of liquidity for DAI, USDC, and USDT – has continued to bleed this summer, shrinking by $175mn.</li><li>This outflow has been primarily led by USDC; users have withdrawn $125mn of Circle’s stablecoin.</li><li>By this metric, USDT has remained roughly even while $60mn DAI has been removed, $25mn of which came in just three transactions on July 31.</li></ul>

The Curve 3pool – long one of the most important sources of liquidity for DAI, USDC, and USDT – has continued to bleed this summer, shrinking by $175mn.This outflow has been primarily led by USDC; users have withdrawn $125mn of Circle’s stablecoin.By this metric, USDT has remained roughly even while $60mn DAI has been removed, $25mn of which came in just three transactions on July 31.

<ul><li>Curve's 3pool and Uniswap V3’s main USDT-USDC pool both became imbalanced heading into the weekend as USDT selling escalated.</li><li>However, this trend actually started in mid-July, with $100mn net selling on Uniswap from July 15 to July 22.</li><li>While the net selling eased in the last few weeks of July, it picked up again on July 31, the day after the Curve exploit (these two events seem to be unrelated).</li></ul>

Curve's 3pool and Uniswap V3’s main USDT-USDC pool both became imbalanced heading into the weekend as USDT selling escalated.However, this trend actually started in mid-July, with $100mn net selling on Uniswap from July 15 to July 22.While the net selling eased in the last few weeks of July, it picked up again on July 31, the day after the Curve exploit (these two events seem to be unrelated).

Tether Imbalance on Curve Raises Questions

<ul><li>Stablecoins are systemically important in cryptocurrency markets, so even the slightest depeg can cause mass market contagion.</li><li>As such, it is concerning that stablecoins have been particularly volatile since the start of 2023</li><li>TUSD wobbled amid Prime Trust's closure, USDT depegged due to mysterious selling activity, BUSD has been increasingly volatile since Paxos halted issuance, and USDC crashed during the March banking crisis.</li></ul>

Stablecoins are systemically important in cryptocurrency markets, so even the slightest depeg can cause mass market contagion.As such, it is concerning that stablecoins have been particularly volatile since the start of 2023TUSD wobbled amid Prime Trust's closure, USDT depegged due to mysterious selling activity, BUSD has been increasingly volatile since Paxos halted issuance, and USDC crashed during the March banking crisis.

<ul>
<li>While CeFi liquidity has been on a gradual decline this year, which will be the main focus of this article, DeFi is facing a liquidity crisis of sorts in the last few days as one of the most liquid pools in the space becomes heavily imbalanced, so we’ll start there.</li>
<li>After the latest round of fears surrounding Tether, the 3pool moved to a weight of 75% Tether in the last day, as users rushed out of crypto’s largest stablecoin at once.</li>
<li>This resulted in Tether depegging to a price of $0.996. This is the most imbalanced the Curve pool has been this year.</li>
</ul>


While CeFi liquidity has been on a gradual decline this year, which will be the main focus of this article, DeFi is facing a liquidity crisis of sorts in the last few days as one of the most liquid pools in the space becomes heavily imbalanced, so we’ll start there.
After the latest round of fears surrounding Tether, the 3pool moved to a weight of 75% Tether in the last day, as users rushed out of crypto’s largest stablecoin at once.
This resulted in Tether depegging to a price of $0.996. This is the most imbalanced the Curve pool has been this year.


<ul><li>Binance.US is bleeding. One week after the SEC lawsuit, market makers and traders have fled the exchange en masse.</li><li>Liquidity, as measured by aggregated market depth for 17 tokens on the exchange, has fallen nearly 80% over the past week.</li><li>On June 4, the day before the SEC lawsuit, market depth was $34mn. Today, market depth is just $7mn.</li></ul>

Binance.US is bleeding. One week after the SEC lawsuit, market makers and traders have fled the exchange en masse.Liquidity, as measured by aggregated market depth for 17 tokens on the exchange, has fallen nearly 80% over the past week.On June 4, the day before the SEC lawsuit, market depth was $34mn. Today, market depth is just $7mn.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tether (USDT CURNCY)

Curve 3pool Sees $175m Outflows

The Curve 3pool – long one of the most important sources of liquidity for DAI, USDC, and USDT – has continued to bleed this summer, shrinking by...

Kaiko

Tether Imbalance on Curve Raises Questions

Curve's 3pool and Uniswap V3’s main USDT-USDC pool both became imbalanced heading into the weekend as USDT selling escalated.

Kaiko

The State of Stablecoins

Stablecoins are systemically important in cryptocurrency markets, so even the slightest depeg can cause mass market contagion.

Kaiko

Q2 Crypto Liquidity Update

While CeFi liquidity has been on a gradual decline this year, which will be the main focus of this article, DeFi is facing a liquidity crisis of...

Kaiko

Market Makers Flee Binance.US

Liquidity, as measured by aggregated market depth for 17 tokens on the exchange, has fallen nearly 80% over the past week.

Kaiko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)