UST Depegged: Retail Investors Giving Up, Large Holders Fleeing
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UST Depegged: Retail Investors Giving Up, Large Holders Fleeing
Can UST/Anchor serve as a safe haven during periods of market panic?
Navigating Web3 tides with focused insightsWritten by: Pedro Ojeda
Translated by: TechFlow intern
The UST depeg was a major event in the recent crypto world, drawing renewed attention to UST. Using on-chain data, I identified the wallets that withdrew the largest amounts from Anchor on May 7. Net value = withdrawal amount - deposit amount. Let's use this data to explore whether UST/Anchor can serve as a safe haven during periods of market panic.
From the chart below, we can clearly see that the number of withdrawing addresses is twice that of depositing addresses, and the amount of UST withdrawn exceeds the deposited amount by sixfold.
In Anchor, around 100,000 addresses have deposits exceeding $1,200 worth of UST, while approximately 87,000 users hold less than $1,200. During this depeg event, 91% of users chose to ignore it or simply held their positions.
Withdrawals were exactly six times higher than deposits—this seems completely contrary to the idea of a safe-haven asset. However, if we break down wallet activity by size, the picture becomes much clearer. Contrary to retail-driven panic narratives, 75% of the total value transferred came from transactions larger than $1 million. This movement was driven by just 182 wallets—meaning 75% of transaction volume originated from only 1% of wallets.
We can draw one conclusion: large-scale panic did not spread; people still want to keep their UST in Anchor. The majority of users did not move their funds during this depeg event—many may not have even noticed it. A small minority panicked, causing movements of less than $1 million. Meanwhile, 75% of the transferred value came from just 1% of these panicked actors, who represent only 0.1% of all users.
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