Several large Terra holders exited their positions, while retail holders kept accumulating early into the crash, a report shows.
Jump Capital- a major investor in Terra- said in a report that some of the blockchain’s largest holders had liquidated their holdings just as the UST stablecoin began to depeg in early-May.
In contrast, smaller wallets continued to accumulate. Jump noted that a series of large withdrawals and swaps in a UST liquidity pool had kicked off the depegging.
A bulk of outflows were also centered around Terra’s Anchor Protocol, which saw a flurry of withdrawals when UST just began depegging. Jump cited on-chain data in the report.
Anchor Protocol played a major role in Terra crash
Jump cited a recent report by on-chain analytics firm Nansen, which identified seven main wallets that drove outflows from Anchor. But these seven were part of a much broader trend.
