On-chain data shows that the top 100 Ethereum wallets regularly reduce their Ether holdings before the weekend – apparently to minimize risk. Instead, they put their capital into dollar-pegged stablecoins. This helps avoid rapid downward movements. The phenomenon apparently occurs primarily in large but actively trading wallets. Prior to this weekend, approximately $1,963,431 was placed in the stablecoin USD Coin (USDC), $283,588 in the stablecoin Binance USD (BUSD), and $122,135 in von Tether (USDT).

Despite the general shift toward the weekend, a small handful of Ethereum-based altcoins saw inflows. These include Apecoin, which was expected to gain high traction on Saturday night as part of the launch of blockchain-based Metaverse Otherside by Bored Ape Yacht Club publisher Yuga Labs.