One metric that highlights investor behavior is the balance of Ethereum-based stablecoins on exchanges. The amount of stablecoins on exchanges had been decreasing steadily leading up to the recent election as investors adopted a “wait-and-see approach”. However, following the November 5 election, stablecoin balances surged to a yearly high of $41 billion, up from approximately $36 billion in early November, according to Nansen on-chain data. This sudden increase in stablecoin balances indicates that investors deposited their stablecoins, unleashing pent-up demand for crypto assets.
