Crypto Exchanges’ Reserves Plummet Following FTX Collapse

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors



Many bitcoin (BTC) and ethereum (ETH) have been removed from crypto exchanges since the start of FTX’s collapse on November 5, 2022. According to data from cryptoquant.com, 356,848 BTC, or $6 billion using the current bitcoin exchange rates, have been removed since that day 51 days ago. The majority of bitcoin and ethereum withdrawals have occurred in the last two months.

More Than $19 Billion in BTC, ETH, Stablecoins Left Exchanges Since the Onset of FTX’s Collapse
Source: CryptoQuant

As of December 26, 2022, 2,151,925 bitcoins are kept in controlled exchanges, according to cryptoquant.com analytics. On November 5, 51 days prior, there were roughly 2,508,773 bitcoins available on cryptocurrency trading platforms. Around 22,528,626 ether were kept on centralized exchanges on that day; today, there are 4.48 million fewer as 18,045,150 ether are held by exchanges.

Stablecoins on Crypto Exchanges Also Drying Up

Using current Bitcoin and Ethereum prices, approximately $11.5 billion was taken out of trading platforms. In addition to BTC and ETH, a significant amount of stablecoins have been removed from exchanges in the last 51 days. There was $35.2 billion in stablecoins like USDC and USDT held on trading platforms just days before FTX failed.

However, stablecoin holdings worth $7.6 billion have already been taken away. Although deposits of BTC have grown and withdrawals have significantly decreased since December 20, 2022, on-chain statistics also demonstrate that outflows from bitcoin exchanges fell to their lowest levels since June 2022. Withdrawals of Ethereum (ETH) also decreased on December 20, but haven’t really increased much since then. However, withdrawals from stablecoin continue.

The crypto economy had a value of almost $1.06 trillion on November 5 due to the large number of withdrawals that had occurred in just over two months, but it has subsequently dropped more than $246 billion to $815.56 billion.

 

You can purchase Lucky Block here. Buy LBLOCK

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.