Chain Breakdown
Subcategory Breakdown
Entity List
About this category
Institutional market participants — market makers (Abraxas Capital, Folkvang, FBG Capital, Flow Traders, Portofino Technologies, Dexterity Capital, Bastion Trading, Amber Group), crypto VCs and funds (Nascent, Apollo Capital, Three Arrows Capital, Parallel Capital, Fasanara Capital), and DeFi protocol modules (Ether.fi). All manually labeled.
Coverage metric
On-chain holdings (USD, latest day) plus attributed stablecoin transfer volume (30-day). Holdings sourced from entity_balances_daily; transfer volume from crosschain.stablecoin.transfers joined on labeled financial_services addresses.
Why this metric
Both metrics together characterize institutional on-chain activity: holdings reflect balance sheet size, while transfer volume reflects operational activity. Market makers in particular move large stablecoin volumes relative to their held balances — volume alone would overstate their balance sheet presence, holdings alone would understate their activity.