FTX collapse followed by an uptick in stablecoin inflows and DEX activity

On-chain information from Glassnode amusement Bitcoin’s (BTC) movements deed a caller grounds for the largest nett diminution successful aggregate BTC balances connected exchanges, reducing by 72,900 BTC successful 1 week. 

A akin question occurred successful April 2020, November 2020 and June 2022 with the existent outflow leaving astir 2.25 cardinal BTC connected exchanges.

Bitcoin speech balances with nett presumption alteration line. Source: Glassnode

Exchange exodus for Ether, but not stablecoins

While Ether (ETH) did not spot an all-time precocious outflow from exchanges, 1.1 cardinal Ether were withdrawn from exchanges implicit the past week. According to Glassnode, this marks the largest 30-day speech equilibrium diminution since September 2020 during the DeFi summer successful the aforesaid year.

Ether speech nett presumption change. Source: Glassnode

Related: Exchange outflows deed historical highs arsenic Bitcoin investors self-custody

Contrary to Bitcoin and Ether's declining balances connected exchanges, stablecoins balances stay nett affirmative connected exchanges, meaning their balances are growing. Over $1.04 cardinal successful USDT, USDC, BUSD and DAI moved to exchanges connected Nov. 10. This marks Nov. 10 arsenic the seventh largest stablecoin inflow to exchanges.

Stablecoins speech nett volume. Source: Glassnode

According to Glassnode, with the large influx of stablecoins to exchanges, the existent $41.186 cardinal full is an all-time high.

Stablecoins connected exchanges. Source: Glassnode

Bitcoin miners proceed to merchantability

Bitcoin miners proceed to stay under utmost pressure and information highlights that hash prices are astatine all-time lows. The record-low hash prices led to miners selling astir 9.5% of their treasuries which is astir 7.76 cardinal BTC. This sell-off marks the sharpest monthly diminution for miner balances since September 2018.

Bitcoin miner balances. Source: Glassnode

Decentralized and centralized altcoin performance

Utilizing plus basked to analyse show betwixt decentralized speech (DEX) and centralized speech (CEX) tokens, Delphi integer recovered that erstwhile comparing the handbasket prices to BTC, the DEX handbasket had gained 24% whereas the CEX handbasket is down 2%.

CEX and DEX handbasket performance. Source: Delphi Digital

Generally, the on-chain enactment correlates to wide Bitcoin, Ether and altcoin marketplace sentiment with the existent FTX chaos catalyzing historic speech outflows and CEX tokens’ underperformance. A apt inclination to look from the existent chaos is simply a dependable uptick successful self-custodied cryptocurrencies and an summation successful DEX use.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.