| Asset | Crypto vs FDUSD | Share | Route price | vs direct |
|---|
How to read this: crypto means the other cryptocurrencies traded against FDUSD on Binance (BTC, ETH, SOL…). Flows are counted from Binance 1-minute candles by the side that crossed the spread. "FDUSD sold for USDT" means takers sold FDUSD on FDUSD/USDT. "BTC sold for FDUSD" means takers sold BTC on BTC/FDUSD and received FDUSD. "FDUSD sold for BTC" means takers bought BTC with FDUSD. A route such as BTC → FDUSD → USDT means BTC was sold for FDUSD and that FDUSD was then sold for USDT, matching in size and timing. Trades are anonymous, so a route is a statistical match, not proof that one trader did both.
| Time (GMT+8) | Chain | Flow | FDUSD | From → to | Status |
|---|
Names in gold are labels: other exchanges from Dune's open-source list, plus Nansen names and behaviour we observed (hover a name for its source). How to read this: sellers send FDUSD to their personal Binance deposit address, Binance sweeps it into a hot wallet (usually within about 7 minutes), and only then can it be sold on FDUSD/USDT or FDUSD/USDC. Watching the deposit gives minutes of warning before the selling. Binance wallets come from Dune's open-source exchange address list; deposit addresses are learned from wallets that forward everything they receive into Binance. Data streams live from free public Ethereum and BSC nodes, no key needed.
| Asset | Crypto vs FDUSD, 30s before | FDUSD pair vs normal | USDC pair vs normal | FDUSD-specific |
|---|
How to read this: each event is FDUSD sold for USDT or USDC, measured over the whole sell-off (light red band) around its heaviest 3 seconds (darker band). Every lane shows FDUSD changing hands: red dots are FDUSD sold, green dots are FDUSD bought, whether against a stablecoin or crypto (BTC, ETH…). BTC → FDUSD → USDT means BTC was sold for FDUSD and that FDUSD was then sold for USDT, with matching size or timing. FDUSD → BTC + USDT means FDUSD was sold for BTC and for USDT at the same time. The control columns repeat the activity check on the same crypto's USDC market (e.g. BTC/USDC): if only the FDUSD market lit up, it was aimed at FDUSD; if both did, that crypto was moving everywhere. Times are GMT+8. Trades are anonymous, so verdicts are evidence, not proof of identity.