Over the past week, exchanges have removed more than $3.4 billion in bitcoin.
After a full week since the FTX debacle began, it is safe to say that the situation has greatly alarmed cryptocurrency investors. Metrics reveal that trading platforms have seen a sizable number of withdrawals in addition to exchanges dealing with some of the highest trade volumes in months.
On November 13, Sunday, after seven days of significant fluctuations 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 held 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 approximately $3.4 billion, have been removed from exchanges. According to the website Cryptoquant.com, "declining exchange reserves indicates lower selling pressure."
According to data gathered by Peckshield, Bituniverse, and etherscan.io, Coinbase is currently the exchange with the largest holdings of bitcoin (BTC). Following 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 sizeable portion of ethereum (ETH), in addition to the BTC that left centralized digital currency exchanges, has also left the top 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 data, the amount of ether removed from exchanges over the previous week was about 1,563,150, which is 7.22 percent less than the week before. The 1.5 million ether removed 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 removed from centralized exchanges, with a USD value of over $5.3 billion. Additionally, since many crypto exchange wallets are well-known, crypto enthusiasts have been keeping an eye on them. Since several cryptocurrency trading platforms started sharing proof-of-reserve addresses, those have also been under observation.
The last few days have seen a sizable 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 experienced a sharp increase in transactions over the past day.
The Crypto.com2 address handled nearly 90,000 ether transactions. The last 24 hours saw significant increases in both Kucoin's and Huobi's ETH wallets, but the Crypto.com2 ethereum address outperformed them both in terms of processed transactions.