Bitquery.io ( Bloxy )@Bitquery_io
Oct 15
Circle’s Arc blockchain launched one month ago.

Day one: 406,006 active wallets.

Week four: 24,678 per day.

That is a 94% drop.

We followed every block to see where everyone went. 🧵
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Bitquery.io ( Bloxy )@Bitquery_io
Oct 15
Replying to @Bitquery_io
Arc’s trading looked healthy. In week four, DEX volume averaged $64M per day.

Now remove the bots, the wallet farms, and one wallet that trades with itself.

Real volume: $3.6M per day. That is about 6% of the headline.
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Bitquery.io ( Bloxy )@Bitquery_io
Oct 15
Replying to @Bitquery_io
One market did grow: lending.

On Morpho, USDC borrowed against Circle’s tokenized bitcoin went from $0 to $190M in a month.

97% of the supplied USDC is now lent out.

Oct 15, 2026 · 6:28 AM UTC

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Bitquery.io ( Bloxy )@Bitquery_io
Oct 15
Replying to @Bitquery_io
And the dollars sit in very few hands.

Just 24 addresses hold 92% of the USDC on Arc.

Full investigation, with every chart:
bitquery.io/investigations…
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