Over the last week, exchanges have removed more than $3.4 billion in bitcoin.
After a full week after the FTX debacle began, it is reasonable to state that the situation has greatly alarmed cryptocurrency investors. Metrics reveal that trading platforms have witnessed a significant amount of withdrawals in addition to exchanges coping with some of the largest transaction volumes in months.
On November 13, Sunday, after seven days of considerable volatility in cryptocurrency prices, crypto exchange volumes saw a decline to levels last seen on November 7. According to data from cryptoquant.com, on November 7 exchanges had 2,312,458 bitcoin (BTC), and on November 13 on Sunday, they held 2,098,600 BTC.
Thus, since November 7, 213,858 bitcoin, worth about $3.4 billion, have been removed from exchanges. According to the website Cryptoquant.com, “declining exchange reserves signals decreasing selling pressure.”
According to data gathered by Peckshield, Bituniverse, and etherscan.io, oinbase">Coinbase is now the exchange with the largest holdings of bitcoin (BTC). Following oinbase">Coinbase in terms of bitcoin reserves are the cryptocurrency exchanges Binance, Huobi Global, Kraken, and Okx.
Exchanges Lose $1.8 Billion in Ether, according to Crypto.com Nearly 90,000 transactions are processed by an Ethereum wallet in a single day.
A significant portion of ethereum (ETH), in addition to the BTC that left centralized digital currency exchanges, has also departed the leading trading platforms. According to data from cryptoquant.com, on November 7, exchanges held 21,640,394 ether, while the amount of ether available on trading platforms fell to 20,077,244 ether.
According to the statistics, the amount of ether taken from exchanges during the previous week was around 1,563,150, which is 7.22 percent less than the week before. The 1.5 million ether withdrawn was worth more than $1.8 billion in terms of its value in US dollars.
Between November 7 and November 13, both BTC and ETH were taken from centralized exchanges, with a USD worth of about $5.3 billion. Additionally, because many crypto exchange wallets are well-known, crypto aficionados have been keeping an eye on them. Since some cryptocurrency trading sites started sharing proof-of-reserve addresses, they have also been under observation.
The previous few days have seen a significant amount of transactions in the exchange wallets from Binance, Crypto.com, Kucoin, Bitfinex, and Huobi. For instance, the “Crypto.com2” flagged Ethereum (ETH) wallet on Crypto.com had a sharp increase in transactions during the last day.
The Crypto.com2 address handled almost 90,000 ether transactions. The previous 24 hours witnessed huge increases in both Kucoin’s and Huobi’s ETH wallets, however the Crypto.com2 ethereum address outperformed them both in terms of completed transactions.
