Another aspect of this fiasco is the fact that crypto-currency enthusiasts have withdrawn large amounts of bitcoin and ethereum from centralized exchange platforms. The seven-day statistics of cryptoquant.com report that more than $3.4 billion in bitcoins have been removed from exchanges since November 7, 2022.
More than $3.4 billion in bitcoin has been removed from exchanges in the past week.
It’s been a full week since the FTX fiasco began, and it’s safe to say the event has shaken crypto-currency investors up quite a bit. Measurements show that not only are exchanges facing some of the highest trading volumes in months, but trading platforms have also seen a significant number of withdrawals.
After seven days of significant crypto-currency price swings, on Sunday, November 13, crypto-currency trading volumes saw their momentum fall back to levels recorded prior to November 7. Statistics from cryptoquant.com show that exchanges held 2,312,458 bitcoins on November 7, and on Sunday, November 13, exchanges held 2,098,600 BTC.
That means 213,858 bitcoins worth about $3.4 billion have left exchanges since November 7. The Cryptoquant.com website notes that “exchange reserves continue to decline, indicating a decrease in selling pressure.”
According to statistics gathered by Peckshield, Bituniverse and etherscan.io, the biggest seller of bitcoins today is Coinbase. Coinbase’s bitcoin supply is followed by crypto-currency exchanges Binance, Huobi Global, Kraken and Okx, respectively.
1.8 billion in Ether leaves exchanges, Crypto.com Ethereum wallet processes nearly 90,000 transactions in 24 hours
In addition to Bitcoins leaving centralized digital currency exchanges, a significant amount of ethereum has also left major trading platforms. Data from cryptoquant.com shows that on Nov. 7, exchanges held 21,640,394 ethers and the number of ethers on trading platforms dropped to 20,077,244 ethers.
The data shows that about 1,563,150 ethers were withdrawn from exchanges in the past week, which is 7.22% less than the previous week. In terms of ethereum withdrawn in USD value, the 1.5 million ether was valued at over $1.8 billion.
Between the two BTC and ETH withdrawn from centralized exchanges from Nov. 7 to Nov. 13, the USD value equals more than $5.3 billion. In addition, crypto-currency enthusiasts have been keeping an eye on the portfolios of crypto-currency exchanges, as a number of them are well known. Since a number of crypto exchange platforms have been sharing proof-of-stock addresses, these are also being monitored.
Binance, Crypto.com, Kucoin, Bitfinex and Huobi exchange wallets have seen a significant number of transactions over the past few days. For example, the ethereum wallet of Crypto.com wallet reported as “Crypto.com2 has seen a massive spike in transactions over the past 24 hours.
Nearly 90,000 ether transactions were processed via the Crypto.com2 address. Kucoin and Huobi transactions also saw significant spikes in the last 24 hours, but ethereum address Crypto.com2 surpassed them both in terms of transactions processed.