More Than $19 Billion in BTC, ETH, Stablecoins Left Exchanges Since the Onset of FTX’s Collapse

For much than 50 days oregon since Nov. 5, 2022, bitcoin, ethereum, and stablecoin owners removed astir $19.19 cardinal successful crypto assets from centralized exchanges. Between Nov. 5 to Dec. 26, astir 356,848 bitcoin and 4.48 cardinal ether were withdrawn from a myriad of crypto trading platforms worldwide.

$6 Billion successful Bitcoin, Over $5 Billion successful Ether, and More Than $7 Billion successful Stablecoin Assets Were Removed From Centralized Exchanges successful 51 Days

Since the onset of FTX’s illness connected Nov. 5, 2022, a large fig of bitcoin (BTC) and ethereum (ETH) person near exchanges. Statistics from cryptoquant.com bespeak that since that time 51 days ago, 356,848 BTC worthy $6.02 billion, utilizing existent bitcoin speech rates, has been removed. The adjacent two-month span was the largest fig of bitcoin and ethereum withdrawals each year.

Currently, connected Dec. 26, 2022, cryptoquant.com metrics amusement there’s 2,151,925 BTC held connected centralized exchanges. 51 days agone connected Nov. 5, astir 2,508,773 bitcoin were sitting connected crypto trading platforms. On that day, determination was astir 22,528,626 ether held connected centralized exchanges and contiguous there’s 4.48 cardinal less arsenic exchanges presently clasp 18,045,150 ETH.

Using existent BTC and ETH speech rates indicates astir $11.53 cardinal was removed from trading platforms. In summation to BTC and ETH a ample sum of stablecoins was withdrawn from exchanges arsenic good implicit the past 51 days. Just days earlier FTX collapsed determination was $35.20 cardinal successful stablecoins similar USDC and USDT held connected trading platforms.

Since then, however, $7.669 cardinal worthy of stablecoin assets has been removed. Although, the withdrawals person slowed down a large woody since Dec. 20, 2022, and BTC deposits person increased. Onchain statistic further amusement that bitcoin speech outflows tapped their lowest levels since June 2022. Ethereum (ETH) withdrawals slowed connected Dec. 20 arsenic well, but haven’t truly accrued much. However, stablecoin withdrawals continue.

In conjunction with the large fig of withdrawals that took spot successful adjacent to 2 months, the crypto economy’s worth was astir $1.06 trillion connected Nov. 5 and since then, it’s down much than $246 cardinal astatine $815.56 billion. 51 days ago, BTC was changing hands for $21,351.98 per unit, portion ETH astatine the clip was trading for $1,649.88 per unit. In tandem with the BTC, ETH, and stablecoin withdrawals, top-ten crypto assets similar BNB, XRP, DOGE, and ADA besides saw important withdrawals since Nov. 5.

What bash you deliberation astir the bitcoin, ethereum, and stablecoins withdrawn from crypto exchanges implicit the past 51 days? Let america cognize what you deliberation astir this taxable successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.