99% are retail investors, but dominated by "big funds": The true structure exposed by USDT0

The latest data on the on-chain stablecoin USDT0 is quite interesting—
From the perspective of "heads":
About 99.2% of user wallet balances are below $1,000, a typical retail investor structure;
Addresses holding between $100k and $1 million are only about 1,200;
Addresses exceeding $10 million are only 35.
But looking at the flow of "money" from a different angle, the conclusion is completely different:
👉 transactions exceeding $1 million in a single transfer account for about 68.8% of the transfer volume.

What does this indicate?
A one-sentence summary:
Users are retail investors, but the market is driven by large funds.

Let's look at the usage scenarios:
USDT0 is mainly used for small cross-chain transfers, with active users focusing on daily trading rather than large fund movements.
Behind this are actually two completely different logics running simultaneously:
On one side, retail investors are using it—
Daily payments, small transfers, cross-chain liquidity;
On the other side, large funds are "setting prices"—
Influencing the overall fund scale and flow rhythm through a few large transactions.

This is the most authentic ecosystem structure of stablecoins:
On the surface, "decentralized participation"; at the core, "centralized fund influence."

A common misconception is:
Seeing many users, thinking the market is dispersed;
But what truly determines the trend is never the number of people, but the size of the funds.

To be honest:
The market is never about "more people, more strength," but about "more money, more direction."
You can follow the sentiment, but you must understand the funds;
Otherwise, what you see is just noise, not the trend.

Remember one thing:
Retail investors determine activity, big investors determine price.
Follow me to see the true power structure behind on-chain data.