$255 million in USDT left Asian exchanges in a week. Gold tokens, USDe and RLUSD moved in
DeepSea's weekly data shows Asian exchanges losing USDT and USDT0 while tokenized gold and smaller dollar tokens arrived. In the last 24 hours, one shark wallet traded $47.8 million of RLUSD on Ethereum.
Key points
- From October 26 to November 1, 2026, a net $255.05 million in USDT and $77.82 million in USDT0 left Asian exchanges, DeepSea's data shows.
- Coming in: XAUt (tokenized gold) +$72.94 million, USDe +$49.14 million, RLUSD +$27.40 million and USDC +$22.14 million.
- DeepSea's live feed shows one shark wallet bought $32.28 million of RLUSD and sold $15.53 million in 15 trades on Ethereum over 24 hours.
What DeepSea's data shows
DeepSea's weekly report for October 26 to November 1, 2026 tracks deposits and withdrawals at labeled exchange wallets. Asian exchanges took in a net $5.25 billion overall, but that was almost all bitcoin (+$5.47 billion). Stablecoins (dollar-pegged tokens) went the other way: a net $255.28 million left, and they made up 35% of Asian exchange volume.
The biggest outflow was USDT, Tether's dollar token: $4.41 billion in, $4.67 billion out, net minus $255.05 million. USDT0, a cross-chain version of USDT, lost a net $77.82 million. aEthUSDT, a token that represents USDT deposited in Aave, lost $48.96 million.
Data: DeepSea (desea.io), checked November 3, 2026, 6:30 p.m. ET.
What came in instead
After BTC, the top net deposit was not a dollar token. XAUt, Tether's gold-backed token, led with +$72.94 million ($107.23 million in, $34.28 million out). USDe, Ethena's synthetic dollar, added $49.14 million and RLUSD, Ripple's dollar token, $27.40 million. USDC added $22.14 million, a small net on $2.35 billion of deposits, DeepSea shows.
Net stablecoin and gold-token flows, Asian exchanges, October 26 to November 1
US$ million
One shark, $47.8 million of RLUSD
The RLUSD story kept going after the week ended. DeepSea's live feed, as of 6:36 p.m. ET on November 3, shows a single wallet in its "shark" group (large, active traders) buying $32.28 million of RLUSD on Ethereum and selling $15.53 million over 24 hours, across 15 trades. That leaves about $16.75 million net bought. DeepSea does not name the wallet or say why it traded.
RLUSD was at $0.99998 on CoinGecko at 6:43 p.m. ET, so the token held its dollar peg. XAUt was at $3,921.49, down 0.23% in 24 hours.
Why it matters
Stablecoins on an exchange are buying power waiting to be used. When USDT leaves, that buying power is no longer parked on those venues. DeepSea's data shows where the tokens moved, not why.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the mix is the story: USDT still dominates volume, but in the same week gold tokens, USDe and RLUSD all posted net deposits on Asian venues while USDT and USDT0 posted net withdrawals.
- The USDT outflow is small next to $4.67 billion of withdrawals, so we would not read it as a run on exchanges. It is roughly 5% of gross outflow.
- The shark wallet traded both sides of RLUSD and ended about $16.75 million net bought over 24 hours. DeepSea's feed does not show who it is or why it traded.
What's next
- Whether USDT net flow into Asian exchanges turns positive next week
- Whether XAUt keeps leading non-BTC deposits
- The RLUSD shark wallet's next trades in DeepSea's live feed
- USDe and RLUSD deposit totals versus this week
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
Sources
- DeepSea, Weekly Smart Money & Global Money Flows Report, October 26 to November 1, 2026 (Asian exchange flows; checked November 3, 2026)
- DeepSea live feed, 24-hour aggregates (fetched November 3, 2026, 6:36 p.m. ET)
- CoinGecko, Ripple USD (RLUSD) price (checked 6:43 p.m. ET on November 3, 2026)
- CoinGecko, Tether Gold (XAUt) price (checked 6:43 p.m. ET on November 3, 2026)
