Thread by @DMusanni

🧐#CIRCLE ... WELL PLAYED INDEED
I know... you will be surprised by my guess

Let's suppose #CIRCLE have about 6bln $ seized in Shady banks : 3.3bln$ in #SVB (confirmed) and about 3bln $ #SI (not confirmed)

For 2 time their minimum liquidity was 6bln$

Now what? Let's guess...🔻

With about 6bln$ seized over 43bln$ #USDC you know... They cannot be baked 1:1, because 14% are not available (seized).

What if they managed to spread FUD looking for a way to push whales and retails on converting #USDC for #USDT or other stablecoins?

Let's check 🔻

So, #USDC market cap dumped from 43.3bln$ to 37.2bln$

Look at it... exactly 6bln$

Did someone see any type of #USDC burn anywhere? I've missed something...or there was a realtime swap with another #stablecoin

Let's check #USDT🔻

#USDT #Tether just gained about +800mln$
We miss the others 5.2bln$

Let's check #DAI
+400mln

We miss 4.8bln$

Whale_Alert say there was about 563mln$ Burn (only)

We miss 4.3bln$

I don't have time to track where someone swapped, but is enough, isnt?

Now best part...🔻

I track often #Circle reserve and yesterday they moved 2bln$ from liquidity to TBills. Usually cash reserve are around 8/10 bln$

Can you see it? Cash reserve yesterday was 6.265bln$ and total drop market cap for #USDC was exactly 6.1bln$

Strange coincidence isn't?
🔻

Today #USDC drop was huge... for sure
But doesn't matter, you know?

DePeg recover a lot in few hours

Now we must only add some simple math. As I said, I don't know where 4bln #USDC was swapped but for sure 1.7bln$ was burned or swapped....

Or not?
🔻

Maybe burn was a fake movement? Because around 1.7bln $ #USDC in few hours flooded again #circle market cap.

However we have now the real stunning truth (maybe)

And I know... you will like it a lot, because we have a perfect #CIRCLE #USDC Peg 1:1

🔻

Today #USDC total Market Cap is 39.031Bln$
While total Tbill is 37.2bln$

Guess what? 39.031 - 37.201 = 1.83$ bln $ liquid cash

So we have 3.2bln$ seized in #SVB and a Total Cash 6.25bln$, 1.83bln$ are for sure liquid

Maybe #SI seized the rest 1.22bln$?
However...🔻

#Circle managed in someway to obtain a full baked #USDC 1:1 dropping the total circulating #usdc market cap.

Now in the worse scene, there are only 1.83bln$ to justify

And for sure with a 6bln drop and 6bln liquid cash - 3bln seized on #SVB,there was no withdrawal
Well played🔻

It was near impossible to withdraw "IF" those liquid cash are seized, isn't?
And I'm quite sure they was not able to redeem Tbills (we will see Monday or Thusday total difference)

However I'm quite conviced : all this was a Master Piece of manipulation for a Peg 1:1 reset

Nice