While those fears remain, it appears that depositors at the three banks shuttered over the weekend — Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank — will be able to access their funds. USDC issuer Circle had $3.3 billion deposited with Silicon Valley Bank, which represented roughly 8% of the dollars backing USDC. Crypto fled custodial platforms as USDC depegged amidst Silicon Valley Bank’s failureSVB provided business banking services to a huge number of venture-backed tech startups. Curve saw acquisitions of USDT and DAI spike over the weekend as USDC depegged — but oddly enough, USDC saw an even bigger spike. We can, however, use on-chain data to see how Bitcoin moved between exchanges and personal wallets during this time period.