For more than 50 days or since November 5, 2022, owners of bitcoin, ethereum and stablecoins have withdrawn about $19.19 billion in crypto assets from centralized exchanges. Between Nov. 5 and Dec. 26, approximately 356,848 bitcoins and 4.48 million ethereum were withdrawn from a myriad of crypto-currency exchange platforms around the world.
6 billion in bitcoins, over $5 billion in ether and over $7 billion in stable assets were withdrawn from centralized exchanges in 51 days.
Since the FTX collapse began on November 5, 2022, a large number of bitcoins and ethereum have left the exchanges. Statistics from cryptoquant.com indicate that since that day 51 days ago, 356,848 BTC worth $6.02 billion, using current bitcoin exchange rates, has been removed. This nearly two-month period represents the largest number of bitcoin and ethereum withdrawals in the entire year.
Currently, on December 26, 2022, data from cryptoquant.com shows that there are 2,151,925 BTC held on centralized exchanges. Fifty-one days ago, on November 5, there were approximately 2,508,773 bitcoins on crypto-currency exchange platforms. On that day, there were about 22,528,626 ethers held on centralized exchanges, and today there are 4.48 million less as exchanges currently hold ethers. 18,045,150 ETH.
Data in BTC and ETH indicates that approximately $11.53 billion has been removed from trading platforms. In addition to bitcoin and Ethereum a significant amount of stablecoins have been removed from trading over the past 51 days. A few days before the FTX collapse, there was $35.20 billion in stablecoins like USDC and USDT held on trading platforms.
Since then, however, $7.669 billion in stablecoin assets have been withdrawn. Although withdrawals have slowed sharply since December 20, 2022, and deposits have increased. Onchain statistics further show that outflows from bitcoin exchanges have reached their lowest level since June 2022. Ethereum outflows also slowed on December 20, but did not really increase. However, stablecoin withdrawals continue.
In conjunction with the large number of withdrawals that have taken place in nearly two months, the value of the crypto economy was around $1.06 trillion on Nov. 5 and since then, it has dropped by more than $246 billion to $815.56 billion. 51 days ago, BTC changed hands for $21,351.98, while ETH was trading at $1,649.88 at the time. Along with BTC, ETH and stablecoin withdrawals, the top 10 crypto assets like BNB, XRP, DOGE, and ADA have also seen significant withdrawals since November 5.