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USDC 的集中度正在悄然達到新的極端。
以太坊上的前 100 個錢包現在持有創紀錄高位的 $32.71B USDC。這種積累程度表明來自大型參與者的影響力日益增強,無論是機構、基金還是主要流動性提供者。
令人矚目的是時機。
穩定幣的集中度傾向於在重大市場波動前上升,原因是資本預期性地等待觀望。這不僅僅是被動持有——這是一種定位。
當這種流動性輪轉時,它不會悄無聲息地移動。
值得密切關注。