Crypto’s Waiting Room Is Emptying: Clients Go to Cash

Zerocap, a Melbourne digital-asset trading and custody firm, reported that clients sold USDT for US dollars for a third straight week and kept the proceeds in dollars rather than crypto, as the two largest dollar-pegged stablecoins lost $2.12 billion in supply over seven days. In the October 26 weekly market wrap, OTC trader Oliver Davis linked the shift to weaker risk appetite after a technology-share selloff. Earlier in October, clients leaving USDT had moved into USDC or used AUDD as a route into dollar stablecoins; by the latest week, USDC flows were balanced and AUDD was sold heavily on net. Supply checked October 26 showed USDT at $182.32 billion, down $1.11 billion, and USDC at $71.57 billion, down $1.01 billion.