Stablecoin rotation is back in the open. The size still looks underpriced.

The name everyone is watching is the one at the top of the inflow board. That is the noise. The cleaner read is three wallets I have been tagging since late February — they rotated out of USDC balances on the second-largest venue, and the offsetting inflows do not match. When exit balance from venue A does not show up as inflow on venue B within the same week, it is usually a positioning change, not a swap.