Nearly 20K Bitcoins moved to Binance from FTX

Nearly 20,000 Bitcoins were moved from FTX to Binance wrong the past 2 days, expanding the latter’s full Bitcoin holdings to implicit 640,000. Meanwhile, FTX’s holdings presently basal astatine 6,000 BTC arsenic of Nov. 8, compared to 80,000 BTC astatine the commencement of 2022.

FTX reserves

FTX Bitcoin equilibrium from January to November 2022

FTX kept accumulating BTC for the archetypal 4 months of the twelvemonth and held astir 120,000 BTC astatine the peak. However, things took a crook successful June and the exchange’s BTC holdings person steadily shrunk since.

It yet fell beneath 10,000 Bitcoin connected Nov. 6, aft Binance CEO Changpeng ‘CZ’ Zhao  announced  that Binance is liquidating each its FTT holdings.

FTX Bitcoin equilibrium from October to November 2022

CZ’s announcement came connected the heels of rumors and speculation that FTX and Alameda Research whitethorn beryllium facing a liquidity crunch.

FTX CEO Sam Bankman Fried tried to address these concerns but the manufacture is inactive spooked and withdrawing assets from the exchange. This affected the Bitcoin reserves arsenic well, aft a crisp diminution successful Bitcoin holdings connected Nov. 6, FTX holds astir 6,000 Bitcoins today.

Binance reserves

In the meantime, Binance has been importantly increasing its Bitcoin holdings since the opening of November.

Binance Bitcoin equilibrium from October to November 2022

After signaling a dip astatine the extremity of October, the magnitude of Bitcoin Binance held started to spike. It particularly grew importantly arsenic a effect of the events of Nov. 6.

Between Nov. 6 and Nov. 8, Binance’s Bitcoin holdings grew by astir 3.2%. In the past 24 hours, astir 20,000 Bitcoins were transferred from FTX to Binance, expanding Binance’s Bitcoin reserves to implicit 640,000.

The station Nearly 20K Bitcoins moved to Binance from FTX appeared archetypal connected CryptoSlate.