The Whale Turns Its USDC Depeg Into An Opportunity Earns $16 Million!

one of the largest banks in the USA last weekend. Silicon Valley Bank was closed by the regulators.

After this news USDC issuing company Circle‘s also said that he had over $3 billion in SVB, causing a depeg in USDC. In other words, USDC had lost its fixation on 1 dollar.

According to the news of Coindesk, the concern on the USDC front caused investors to sell USDC.

In this context CryptoQuantAccording to data from to Tether (USDT) translated it to decentralized exchanges.

Since the collapse of FTX in November, USDC concerns BinanceStating that it caused the highest amount of stablecoin output from Binance, CryptoQuant stated that a total of $ 2.8 billion worth of USDT was withdrawn from Binance in a 24-hour period.

In addition to the concerns in USDC, there were also big trade companies that turned this pillar into an opportunity. Companies USDTHe received USDC at a lower price by sending his coins to decentralized exchanges.

In this context, a trading firm called Folkvang bought $215 million USDT from Binance, withdrew these USDTs to decentralized exchanges, and bought USDC at a low price.

The firm made a profit of approximately 16.5 million dollars from this transaction after USDC gained its fixation to 1 dollar.

confirming that they are seizing the USDC opportunity Folkvang Mike van Rossum, founder of the trading firm, told CoinDesk:

“The USDC issue was an evolving situation and information was scarce.

Given what has happened recently with FTX and other major crypto players, it was normal for many investors to be worried.

Nothing is safe but trading is always about exposing yourself to some risk.

At this point we thought we should take more risks than the market thought was reasonable.

When USDC traded below 90 cents, the arbitrage opportunity for tether trading holding the dollar peg was huge, but not without risk.”

For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!


source site-4