Is this $25.4M actually new capital?

Institutional Stablecoin Flow Attribution

Analyst claim

“A cluster of wallets transferred $25.4M in stablecoins onto OpenFX during the last 48 hours. This represents $25.4M of new institutional liquidity entering the ecosystem.”

Evaluation question

Validate or reject this claim. Determine how much of the observed $25.4M represents genuinely new economic capital.

Available information

• Wallet transaction history
• Labeled entity relationships
• Stablecoin transfers
• Bridge activity
• Centralized exchange interactions
• DEX liquidity activity
• Historical balances