Crypto’s smart money – which Nansen defines as everything from institutions to large traders – is dropping Circle’s USDC, on-chain data shows.

According to data from Nansen, the total balance of USDC in smart money wallets is approximately $485 million across 1,396 wallets. This is down from $700 million in 1,455 wallets a month ago and $1.02 billion in 1,478 wallets a year ago.

Meanwhile, the percentage of smart money in all stablecoins has dropped to 21%. At the start of the year, it was near 30%, and hit an all-time high of 38% at the end of August 2022.

This skepticism of USDC by crypto’s biggest holders is likely impairing the ability for USDC to regain its peg.

(By Sam Reynolds)