Huobi, Gate.io, Crypto.com see spikes in flow to FTX

1 year ago

The afloat consequences of the FTX fallout are inactive unknown. As FTX, its U.S. subsidiary, and Alameda Research each filed for bankruptcy protection, it could beryllium months earlier the nationalist gets to spot what happened successful Sam Bankman-Fried’s crumbled trading empire.

Until that happens, what we’re near with is on-chain information that tin constituent america to wherever the wealth goes.

Centralized exchanges person seen immense oscillations successful their Bitcoin balances successful September and October. These oscillations included jumps and drops ranging from 10,000 BTC to 40,000 BTC, leaving immense dents successful the full speech balances crossed the market.

While the crisp driblet successful Bitcoin balances we’ve seen successful the past week tin beryllium attributed to the FTX fallout, 3 exchanges basal retired successful peculiar — Huobi, Gate.io, and Crypto.com.

Looking astatine the Bitcoin balances connected each 3 exchanges shows rather a spot of antithetic enactment successful the period preceding FTX’s downfall.

Alameda’s reckless trading strategies revealed past week prompted galore to analyse whether the trading institution utilized exchanges different than FTX.

Data analyzed by CryptoSlate showed crisp spikes successful interexchange flows to FTX, with the astir notable 1 being from Huobi. astatine the opening of October, Bitcoin flows from the speech to FTX tripled. Flows from Gate.io besides saw a vertical spike successful October that continued into November.

Similar spikes were seen successful January 2021 and astatine the opening of July 2022 — the erstwhile pursuing the driblet from the ATH reached successful November 2021, and the second coinciding with the Luna collapse. The spikes seen past period dwarf erstwhile ones some successful size and severity.