# \[Anthias Labs\] Weekly Market Updates

**URL:** <https://forum.moonwell.fi/t/anthias-labs-weekly-market-updates/1772>\
**Category:** Updates\
**Created:** [July 4, 2025, 10:36pm UTC](https://forum.moonwell.fi/t/anthias-labs-weekly-market-updates/1772 "2025-07-04T22:36:48Z")\
**Posts on this page:** 1\
**Showing post:** 89

<div class="post-metadata">

**Author:** ![AnthiasLabs](https://dub1.discourse-cdn.com/flex017/user_avatar/forum.moonwell.fi/anthiaslabs/32/3489_2.png) [@AnthiasLabs](https://forum.moonwell.fi/u/AnthiasLabs)\
**Post date:** [October 30, 2026, 8:30am UTC](https://forum.moonwell.fi/t/anthias-labs-weekly-market-updates/1772/89 "2026-10-30T08:30:49Z")

</div>

# Weekly Update (10/23/26 - 10/29/26)

Anthias Labs would like to provide an update on market performance over the past week for Core markets on Base, Ethereum and OP Mainnet. Data from 10/23/26 to 10/29/26. More information can be found on our [monitoring dashboard](https://risk.anthias.xyz/moonwell/core/base/overview).

## Base

 ![image](https://europe1.discourse-cdn.com/flex017/uploads/moonwell/original/2X/3/366e0a145d4082ebb2ce39623d8eb492f356e5b0.png)

| Asset | Current Borrow Cap | Current Supply Cap | Average Borrow Cap Usage (Past Week) | Average Supply Cap Usage (Past Week) | Average Utilization |
| --- | --- | --- | --- | --- | --- |
| USDC | 0.00 | 200.00M | N/A | 3.82% | 100.00% |
| cbETH | 0.00 | 4.00K | N/A | 17.22% | 100.00% |
| EURC | 0.00 | 21.90M | N/A | 1.46% | 100.00% |
| MAMO | 0.00 | 0.00 | N/A | N/A | 100.00% |
| USDS | 0.00 | 0.00 | N/A | N/A | 100.00% |
| MORPHO | 0.00 | 400.00K | N/A | 29.67% | 99.88% |
| cbBTC | 0.00 | 1.50K | N/A | 4.01% | 97.51% |
| VIRTUAL | 0.00 | 4.50M | N/A | 30.09% | 92.65% |
| WETH | 0.00 | 96.00K | N/A | 1.74% | 85.65% |
| wstETH | 0.00 | 14.40K | N/A | 4.50% | 71.87% |
| DAI | 0.00 | 0.00 | N/A | N/A | 65.04% |
| cbXRP | 0.00 | 5.00M | N/A | 30.31% | 51.30% |
| AERO | 0.00 | 0.00 | N/A | N/A | 46.00% |
| WELL | 0.00 | 0.00 | N/A | N/A | 15.07% |
| USDbC | 0.00 | 1.00 | N/A | 799.48K% | 11.10% |
| tBTC | 0.00 | 0.00 | N/A | N/A | 9.94% |
| rETH | 0.00 | 0.00 | N/A | N/A | 1.93% |
| VVV | 0.00 | 170.00K | N/A | 2.51% | 1.20% |
| LBTC | 0.00 | 95.00 | N/A | 45.62% | 0.49% |
| weETH | 0.00 | 5.40K | N/A | 1.02% | 0.20% |
| wrsETH | 0.00 | 0.00 | N/A | N/A | 0.02% |

### Bad Debt & Reserves

| **Market** | **Gross exposure (USD)** | **Gross exposure (tokens)** | **Reserves (USD)** | **Reserves (tokens)** |
| --- | --- | --- | --- | --- |
| cbBTC | $4,293,560.82 | 54.86951328 | $12,612.05 | 0.162 |
| USDC | $2,361,093.91 | 2361715.751176 | $82,590.49 | 82590.4911 |
| cbETH | $1,730,549.12 | 676.38494558 | $10,805.06 | 4.1986 |
| WETH | $1,677,425.94 | 747.83984371 | $2,305.53 | 1.0253 |
| wstETH | $1,116,691.15 | 399.85593965 | $4,500.69 | 1.6022 |
| cbXRP | $940,098.34 | 746865.34176 | $1,862.17 | 1507.8315 |
| VIRTUAL | $725,291.87 | 1243640.02474751 | $1,310.86 | 2320.1081 |
| MORPHO | $228,933.65 | 109660.40886632 | $4,341.20 | 2028.5995 |
| EURC | $169,676.74 | 151579.1574 | $10,931.97 | 9795.6747 |
| AERO | $101,331.66 | 162345.6756056 | $8,026.18 | 12903.8329 |
| MAMO | $12,040.07 | 2078804.03260181 | $11,457.34 | 1909555.8684 |
| USDS | $948.80 | 949.00225641 | $426.00 | 425.9966 |
| WELL | $45.90 | 25309.7660722 | $180.65 | 90324.4052 |
| weETH | $8.99 | 0.00363004 | $0.00 | 0 |
| rETH | $5.13 | 0.00194844 | $4.50 | 0.0017 |
| tBTC | $3.13 | 0.00003994 | $15.62 | 0.0002 |
| wrsETH | $2.95 | 0.00121698 | $30.01 | 0.0123 |
| LBTC | $1.03 | 0.00001306 | $7.83 | 0.0001 |
| USDbC | $0.03 | 0.033653 | $0.66 | 0.6634 |

### Week-over-Week Changes

| Asset | Total Borrow | Total Supply | Utilization |
| --- | --- | --- | --- |
| USDC | -3% from 7.85M USDC to 7.58M USDC | -3% from 7.85M USDC to 7.58M USDC | 0% from 100.00% to 100.00% |
| cbETH | +0% from 688.75 cbETH to 688.90 cbETH | +0% from 688.75 cbETH to 688.90 cbETH | 0% from 100.00% to 100.00% |
| EURC | +0% from 320.35K EURC to 320.48K EURC | +0% from 320.35K EURC to 320.48K EURC | 0% from 100.00% to 100.00% |
| MAMO | +0% from 3.47M MAMO to 3.47M MAMO | +0% from 3.47M MAMO to 3.47M MAMO | -0% from 100.00% to 100.00% |
| USDS | +0% from 9.66K USDS to 9.70K USDS | +0% from 9.66K USDS to 9.70K USDS | 0% from 100.00% to 100.00% |
| MORPHO | -4% from 121.37K MORPHO to 116.76K MORPHO | -4% from 121.37K MORPHO to 116.76K MORPHO | -0% from 100.00% to 100.00% |
| cbBTC | +0% from 58.66 cbBTC to 58.67 cbBTC | -8% from 63.86 cbBTC to 58.67 cbBTC | +9% from 91.85% to 100.00% |
| VIRTUAL | -0% from 1.25M VIRTUAL to 1.25M VIRTUAL | -2% from 1.37M VIRTUAL to 1.34M VIRTUAL | +2% from 91.45% to 93.37% |
| WETH | -1% from 1.43K WETH to 1.41K WETH | -2% from 1.72K WETH to 1.69K WETH | +0% from 83.37% to 83.52% |
| wstETH | -0% from 466.33 wstETH to 465.29 wstETH | -1% from 648.35 wstETH to 644.93 wstETH | +0% from 71.93% to 72.15% |
| DAI | +0% from 12.90K DAI to 12.97K DAI | +0% from 19.86K DAI to 19.92K DAI | +0% from 64.98% to 65.10% |
| cbXRP | +0% from 777.33K cbXRP to 777.48K cbXRP | -0% from 1.52M cbXRP to 1.51M cbXRP | +0% from 51.18% to 51.39% |
| AERO | +0% from 1.07M AERO to 1.07M AERO | -20% from 2.57M AERO to 2.06M AERO | +25% from 41.75% to 52.07% |
| WELL | -0% from 16.90M WELL to 16.90M WELL | -0% from 112.23M WELL to 111.87M WELL | +0% from 15.06% to 15.11% |
| USDbC | -0% from 889.20 USDbC to 886.51 USDbC | -0% from 7.99K USDbC to 7.99K USDbC | -0% from 11.12% to 11.09% |
| tBTC | 0% from 0.02 tBTC to 0.02 tBTC | 0% from 0.22 tBTC to 0.22 tBTC | +0% from 9.94% to 9.94% |
| rETH | +0% from 9.39 rETH to 9.39 rETH | +0% from 485.83 rETH to 485.83 rETH | +0% from 1.93% to 1.93% |
| VVV | +0% from 51.21 VVV to 51.22 VVV | -0% from 4.27K VVV to 4.27K VVV | +0% from 1.20% to 1.20% |
| LBTC | -0% from 0.21 LBTC to 0.21 LBTC | +0% from 43.34 LBTC to 43.34 LBTC | -0% from 0.49% to 0.49% |
| weETH | 0% from 0.11 weETH to 0.11 weETH | -22% from 57.21 weETH to 44.37 weETH | +29% from 0.19% to 0.24% |
| wrsETH | 0% from 0.00 wrsETH to 0.00 wrsETH | -3% from 18.56 wrsETH to 17.92 wrsETH | +2% from 0.02% to 0.02% |

### Notable Trends

- cbBTC supply -8% (63.86 → 58.67 cbBTC)
- AERO supply -20% (2.57M → 2.06M AERO)

### Liquidations

- **Total liquidations:** 537
- **Total Collateral Seized (USD):** $10,596.95
- **Total Debt Repaid (USD):** $9,633.59
- **Total Liquidation Bonus (USD):** $963.36
- **Total Liquidator Bonus (USD):** $674.35
- **Total Protocol Bonus (USD):** $289.01

| Asset | Total Seized (Tokens) | Total Seized (USD) | Debt Repaid (USD) | Liquidation Bonus (USD) | Liquidator Bonus (USD) | Protocol Bonus (USD) | Liquidation Count |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AERO | 5,939.801746 | $3,933.51 | $3,575.92 | $357.59 | $250.31 | $107.28 | 23 |
| VIRTUAL | 5,210.931542 | $3,182.54 | $2,893.22 | $289.32 | $202.53 | $86.80 | 23 |
| USDC | 1,269.277692 | $1,268.94 | $1,153.59 | $115.36 | $80.75 | $34.61 | 42 |
| cbETH | 0.410180 | $1,096.94 | $997.22 | $99.72 | $69.81 | $29.92 | 32 |
| wrsETH | 0.408627 | $998.88 | $908.08 | $90.81 | $63.57 | $27.24 | 1 |
| WELL | 35,786.341000 | $75.60 | $68.73 | $6.87 | $4.81 | $2.06 | 12 |
| WETH | 0.016426 | $38.07 | $34.61 | $3.46 | $2.42 | $1.04 | 381 |
| MORPHO | 0.814248 | $1.77 | $1.61 | $0.16 | $0.11 | $0.05 | 2 |
| cbBTC | 0.000003 | $0.27 | $0.25 | $0.02 | $0.02 | $0.01 | 13 |
| tBTC | 0.000003 | $0.26 | $0.24 | $0.02 | $0.02 | $0.01 | 2 |
| USDbC | 0.074790 | $0.07 | $0.07 | $0.01 | $0.00 | $0.00 | 2 |
| rETH | 0.000018 | $0.05 | $0.05 | $0.00 | $0.00 | $0.00 | 1 |
| cbXRP | 0.016182 | $0.02 | $0.02 | $0.00 | $0.00 | $0.00 | 2 |
| weETH | 0.000000 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | 1 |

## OP Mainnet

 ![image](https://europe1.discourse-cdn.com/flex017/uploads/moonwell/original/2X/0/001dbe14527375f2a9a1bd7d1704505a412b3f12.png)

| Asset | Current Borrow Cap | Current Supply Cap | Average Borrow Cap Usage (Past Week) | Average Supply Cap Usage (Past Week) | Average Utilization |
| --- | --- | --- | --- | --- | --- |
| cbETH | 0.00 | 0.00 | N/A | N/A | 99.99% |
| USDC | 34.00M | 36.40M | 0.26% | 0.34% | 71.35% |
| DAI | 0.00 | 0.00 | N/A | N/A | 69.95% |
| USDT | 18.40M | 10.00M | 0.09% | 0.23% | 69.47% |
| USDT0 | 8.00M | 10.00M | 0.14% | 0.25% | 46.28% |
| WETH | 30.00K | 32.00K | 0.06% | 0.32% | 17.58% |
| rETH | 0.00 | 0.00 | N/A | N/A | 15.85% |
| WBTC | 0.00 | 0.00 | N/A | N/A | 13.41% |
| VELO | 0.00 | 0.00 | N/A | N/A | 9.08% |
| wstETH | 0.00 | 5.00K | N/A | 0.82% | 5.50% |
| weETH | 0.00 | 0.00 | N/A | N/A | 2.61% |
| OP | 0.00 | 0.00 | N/A | N/A | 0.51% |
| wrsETH | 0.00 | 0.00 | N/A | N/A | 0.39% |

### Bad Debt & Reserves

| **Market** | **Gross exposure (USD)** | **Gross exposure (tokens)** | **Reserves (USD)** | **Reserves (tokens)** |
| --- | --- | --- | --- | --- |
| rETH | $5,412.00 | 2.04745847 | $10.26 | 0.0039 |
| cbETH | $496.00 | 0.19292788 | $25.58 | 0.01 |
| WETH | $82.00 | 0.0362928 | $15.00 | 0.0067 |
| VELO | $40.00 | 1471.36771471 | $60.64 | 2332.2652 |

### Week-over-Week Changes

| Asset | Total Borrow | Total Supply | Utilization |
| --- | --- | --- | --- |
| cbETH | +0% from 0.19 cbETH to 0.19 cbETH | +0% from 0.19 cbETH to 0.19 cbETH | +0% from 99.98% to 100.00% |
| USDC | **-53% from 123.70K USDC to 58.20K USDC** | -12% from 138.01K USDC to 121.00K USDC | **-46% from 89.63% to 48.10%** |
| DAI | +0% from 12.34K DAI to 12.36K DAI | +0% from 17.65K DAI to 17.67K DAI | +0% from 69.92% to 69.95% |
| USDT | +0% from 15.81K USDT to 15.81K USDT | +0% from 22.76K USDT to 22.76K USDT | +0% from 69.47% to 69.48% |
| USDT0 | +0% from 11.36K USDT0 to 11.36K USDT0 | -0% from 24.56K USDT0 to 24.54K USDT0 | +0% from 46.24% to 46.29% |
| WETH | **-75% from 56.75 WETH to 14.46 WETH** | -2% from 102.63 WETH to 100.52 WETH | **-74% from 55.29% to 14.39%** |
| rETH | +0% from 2.05 rETH to 2.05 rETH | +0% from 12.93 rETH to 12.93 rETH | +0% from 15.85% to 15.85% |
| WBTC | 0% from 0.00 WBTC to 0.00 WBTC | 0% from 0.00 WBTC to 0.00 WBTC | 0% from 13.41% to 13.41% |
| VELO | +0% from 148.71K VELO to 148.73K VELO | **-92% from 5.73M VELO to 446.28K VELO** | **+1184% from 2.60% to 33.33%** |
| wstETH | 0% from 2.11 wstETH to 2.11 wstETH | **-58% from 86.78 wstETH to 36.68 wstETH** | **+137% from 2.43% to 5.76%** |
| weETH | -5% from 0.19 weETH to 0.18 weETH | 0% from 7.07 weETH to 7.07 weETH | -5% from 2.66% to 2.54% |
| OP | +0% from 2.10K OP to 2.10K OP | -0% from 409.51K OP to 408.69K OP | +0% from 0.51% to 0.51% |
| wrsETH | 0% from 0.00 wrsETH to 0.00 wrsETH | -2% from 0.98 wrsETH to 0.95 wrsETH | +1% from 0.39% to 0.40% |

### Notable Trends

- VELO supply -92% (5.73M → 446.28K VELO)
- wstETH supply -58% (86.78 → 36.68 wstETH)
- WETH borrows -75% (56.75 → 14.46 WETH)
- USDC borrows -53% (123.70K → 58.20K USDC)
- USDC supply -12% (138.01K → 121.00K USDC)

### Liquidations

- **Total liquidations:** 68
- **Total Collateral Seized (USD):** $298.90
- **Total Debt Repaid (USD):** $271.73
- **Total Liquidation Bonus (USD):** $27.17
- **Total Liquidator Bonus (USD):** $19.02
- **Total Protocol Bonus (USD):** $8.15

| Asset | Total Seized (Tokens) | Total Seized (USD) | Debt Repaid (USD) | Liquidation Bonus (USD) | Liquidator Bonus (USD) | Protocol Bonus (USD) | Liquidation Count |
| --- | --- | --- | --- | --- | --- | --- | --- |
| wstETH | 0.083648 | $233.51 | $212.28 | $21.23 | $14.86 | $6.37 | 3 |
| wrsETH | 0.023517 | $58.72 | $53.38 | $5.34 | $3.74 | $1.60 | 17 |
| VELO | 162.650286 | $4.88 | $4.43 | $0.44 | $0.31 | $0.13 | 9 |
| USDT0 | 0.550392 | $0.55 | $0.50 | $0.05 | $0.03 | $0.01 | 6 |
| OP | 4.468081 | $0.50 | $0.46 | $0.05 | $0.03 | $0.01 | 14 |
| WETH | 0.000186 | $0.44 | $0.40 | $0.04 | $0.03 | $0.01 | 11 |
| USDC | 0.116904 | $0.12 | $0.11 | $0.01 | $0.01 | $0.00 | 3 |
| cbETH | 0.000034 | $0.09 | $0.08 | $0.01 | $0.01 | $0.00 | 1 |
| weETH | 0.000033 | $0.09 | $0.08 | $0.01 | $0.01 | $0.00 | 3 |
| DAI | 0.011860 | $0.01 | $0.01 | $0.00 | $0.00 | $0.00 | 1 |

## Ethereum

 ![image](https://europe1.discourse-cdn.com/flex017/uploads/moonwell/original/2X/1/12c0792e6e0908e62b6ad8923fda53b5482f34b4.png)

| Asset | Current Borrow Cap | Current Supply Cap | Average Borrow Cap Usage (Past Week) | Average Supply Cap Usage (Past Week) | Average Utilization |
| --- | --- | --- | --- | --- | --- |
| USDC | 180.00M | 200.00M | 0.11% | 0.12% | 85.72% |
| USDT | 180.00M | 200.00M | 0.06% | 0.07% | 80.32% |
| WETH | 20.00K | 30.00K | 2.14% | 2.01% | 70.95% |
| cbBTC | 600.00 | 1.00K | 0.42% | 0.51% | 48.54% |

### Week-over-Week Changes

| Asset | Total Borrow | Total Supply | Utilization |
| --- | --- | --- | --- |
| USDC | **-46% from 239.95K USDC to 130.32K USDC** | **-48% from 280.44K USDC to 147.09K USDC** | +4% from 85.56% to 88.60% |
| USDT | +22% from 98.35K USDT to 120.19K USDT | +17% from 124.56K USDT to 146.07K USDT | +4% from 78.96% to 82.28% |
| WETH | +0% from 428.22 WETH to 428.39 WETH | +0% from 603.59 WETH to 604.32 WETH | -0% from 70.94% to 70.89% |
| cbBTC | -28% from 2.78 cbBTC to 2.01 cbBTC | -21% from 5.55 cbBTC to 4.37 cbBTC | -8% from 50.13% to 46.04% |

### Notable Trends

- USDC supply -48% (280.44K → 147.09K USDC)
- USDC borrows -46% (239.95K → 130.32K USDC)
- cbBTC supply -21% (5.55 → 4.37 cbBTC)
- cbBTC borrows -28% (2.78 → 2.01 cbBTC)
- USDT borrows +22% (98.35K → 120.19K USDT)
- USDT supply +17% (124.56K → 146.07K USDT)

---

_[View the full topic](https://forum.moonwell.fi/t/anthias-labs-weekly-market-updates/1772)._