Dune Analysis: Stablecoin Divergence Intensifies, USDT Outperforms in Payments, USDC Leads DeFi
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Data: USDC leads USDT in stablecoin trading volume, with monthly trading volume hitting a new high.
According to Odaily from Visa's on-chain data platform, USDC has widened its lead over USDT in stablecoin trading volume in the first half of 2026. Data shows that adjusted stablecoin trading volume rose to $1.79 trillion in June, a 63% increase from May and a 125% increase from June 2025, setting a new record. Visa's statistics exclude non-real economic activities such as bot trading and internal exchange transfers. The total transaction volume of stablecoins reached $8.82 trillion in the first half of the year, exceeding the $5.8 trillion level for the whole of 2024, but still lower than the record $10.8 trillion in 2025. Structurally, USDC accounted for approximately 70% in the first half of 2026, while USDT accounted for approximately 25%, indicating a significant shift in market share towards compliant stablecoins. Analysis indicates that as banks and institutions increasingly use stablecoins for settlement and fund management, including institutions like Standard Chartered and BNY Mellon accelerating their integration into the USDC ecosystem, the stablecoin infrastructure is entering a phase of institutional expansion. (CoinDesk)
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Analysis: Amidst record outflows from ETFs, whale snapped up 270,000 BTC, signaling a structural divergence in Bitcoin's future.
PANews reported on July 5th, citing CoinDesk, that amidst a continued outflow of institutional funds from the US, Bitcoin whale have accumulated over 270,000 BTC (approximately $16.7 billion) in the past two weeks, a stark contrast to the record outflows from US spot Bitcoin ETFs. Analysis indicates this divergence exhibits historical cyclical characteristics: while institutional funds withdraw, long-term holders and whale accounts continue to accumulate, resembling a fund redistribution structure commonly seen at the bottom of previous cycles. On-chain data shows that although the spot premium remains negative, indicating weak buying pressure, large wallets continue to increase their Bitcoin holdings, suggesting the market is currently in a structural phase of "institutional deleveraging and long-term fund accumulation."
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