Here’s how much money was pulled from exchanges after the FTX crash
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Answer Here’s how much money was pulled from exchanges after the FTX crash
Emotions are what move most of the audience of traders and investors, and whenever they feel danger or doubt, they move in groups.
Recently, after the collapse of FTX, which operated one of the largest cryptocurrency exchanges in the crypto arena, net exchange flows out of exchanges have skyrocketed.
The bankruptcy of FTX was the catalyst for cryptocurrency owners to get their digital currencies out of the exchanges that held them.
Data from blockchain analytics firm CryptoQuant shows that more than $8 billion in cryptocurrency has flowed out of central exchanges since November 6, when concerns about FTX began to circulate.
Since the Binance CEO’s troubling remarks about FTX last week, $3.7 billion in bitcoin has been withdrawn from central exchanges.
Read:Report reveals Binance’s control of Uniswap
While about $2.5 billion of Ethereum has moved off the exchanges, along with $2 billion worth of stablecoins.
Exchange reserves on exchanges are now at their lowest level since November 2018, now standing at just 2.089 million BTC, about 20 million Ether.
This past Wednesday, CryptoQuant noted that more than 80,000 bitcoins left exchanges in the last 24 hours.
The company formulated and interpreted the data as investors losing confidence in centralized trading platforms.
This was a day after cryptocurrency exchange FTX froze users’ withdrawals, asking for Binance’s help in addressing a so-called “liquidity crunch”.
On Friday, FTX filed for bankruptcy.
Some are now worried that CryptoCom could run into a liquidity problem after strange behavior on the blockchain between it and Gate, a competing exchange.
The CryptoQuant CEO analyzed CryptoCom’s wallet movements on Monday, finding that stablecoin reserves have fallen by 90% over the past seven months.
Meanwhile, the number of Ethereum withdrawals on the platform has reached an all-time high.
Read:NEO Network will donate $100 million at Chain Plus 2019 event to develop the ecosystem
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