FDUSD Price Dips to $0.89 Amid Bankruptcy News and Wintermute’s Surge in Holdings

COINOTAG reports that on April 3rd, reputable on-chain analyst @ai_9684xtpa revealed troubling news regarding the FDUSD market. Following the announcement of the FDUSD issuer’s bankruptcy, prices plummeted to a low of $0.89. In a significant move, Wintermute, a prominent trading firm, swiftly withdrew 31.36 million FDUSD from Binance within just thirty minutes, resulting in an upgraded on-chain holdings ranking that elevated them from the sixth to the fifth position among both exchanges and institutions. Data from Arkham indicates that Wintermute now stands as the largest holder of FDUSD outside of the Binance platform, with a substantial 65.46 million tokens held on-chain, representing about 2.5% of the token’s overall circulation. This development underscores the volatility currently permeating the crypto markets.