Crypto users turned to DEXs, loaded up on USDC after Silicon Valley Bank crash By Cointelegraph

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© Reuters.

The collapse of Silicon Valley Bank saw investors loading their bags with (USDC), along with an exodus of funds from centralized exchanges (CEXs) to decentralized exchanges (DEXs).

Outflows from centralized exchanges often spike when the markets are in turmoil, blockchain analysis firm Chainalysis said in a March 16 blog post, as users are likely worried about losing access to their funds when exchanges go down.

Funds sent from CEXs to DEXs following SVB’s collapse. Source: Chainalysis.
Daily trading volumes for large DEXs from September to March. Source: Token Terminal
Token acquisitions on from March 7 to March 14. Source: Chainalysis
USDC’s brief depeg from March 11 to March 13. Source: CoinMarketCap