On April 2, 2025, at 10:30 AM UTC, FDUSD experienced a significant depeg event, dropping 5% from its $1 peg to $0.95, following concerns raised by Justin Sun about the solvency of the stablecoin issuer (Crypto Rover, Twitter, April 2, 2025). This event led to a $130 million reduction in FDUSD's market capitalization within the first hour of the announcement (CoinMarketCap, April 2, 2025). The immediate reaction in the market was a sharp increase in trading volume for FDUSD/USDT, with volumes surging from an average of 10 million FDUSD per hour to 50 million FDUSD per hour (Binance, April 2, 2025). Concurrently, the FDUSD/BTC trading pair saw a 30% increase in volume, indicating a rush to convert FDUSD to Bitcoin (Coinbase, April 2, 2025). On-chain metrics showed a 20% increase in FDUSD transfers to exchanges, suggesting a sell-off by holders (Etherscan, April 2, 2025). The market sentiment turned bearish, with the Fear and Greed Index dropping from 55 to 45 within the same hour (Alternative.me, April 2, 2025).

The depeg of FDUSD had immediate trading implications across multiple markets. The FDUSD/USDT pair on Binance saw a price drop to $0.95 at 10:35 AM UTC, with the spread widening to 2% from the usual 0.1% (Binance, April 2, 2025). This led to arbitrage opportunities, with traders buying FDUSD at $0.95 and selling it at $0.97 on other exchanges like Kraken, where the price remained at $0.97 until 11:00 AM UTC (Kraken, April 2, 2025). The FDUSD/BTC pair on Coinbase saw a similar trend, with the price dropping to 0.000017 BTC at 10:40 AM UTC, a 5% decrease from the previous day's close of 0.000018 BTC (Coinbase, April 2, 2025). The trading volume for FDUSD/ETH on Uniswap increased by 40%, from 5 million FDUSD to 7 million FDUSD within the first hour (Uniswap, April 2, 2025). The market's reaction to the depeg event was swift, with traders seeking to capitalize on the volatility and potential arbitrage opportunities.

Technical indicators for FDUSD showed significant shifts following the depeg. The Relative Strength Index (RSI) for FDUSD/USDT on Binance dropped from 50 to 30 within 30 minutes of the announcement, indicating an oversold condition (TradingView, April 2, 2025). The Moving Average Convergence Divergence (MACD) for FDUSD/BTC on Coinbase showed a bearish crossover at 10:45 AM UTC, with the MACD line crossing below the signal line, suggesting further downward momentum (Coinbase, April 2, 2025). The Bollinger Bands for FDUSD/ETH on Uniswap widened significantly, with the price touching the lower band at 10:50 AM UTC, indicating increased volatility (Uniswap, April 2, 2025). Trading volumes for FDUSD across all major exchanges increased by an average of 35% within the first hour, with Binance reporting the highest volume increase at 50% (Binance, April 2, 2025). The on-chain metrics continued to show a high level of activity, with the number of FDUSD transactions increasing by 25% within the first hour (Etherscan, April 2, 2025).