Crypto Exchanges’ Reserves Plummet Following FTX Collapse
Login

Crypto Exchanges’ Reserves Plummet Following FTX Collapse

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


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
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • 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
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News