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

A large number of bitcoin ( ETH) has left exchanges since the FTX’s crash on Nov. 5, 2022. According to cryptoquant.com statistics, $6.02 billion worth of bitcoin has been lost since the day 51 days ago. This was the longest period of bitcoin and/or ethereum withdrawals in the year.

Cryptoquant.com metrics currently shows that there are 2,151,925 Bitcoin on centralized exchanges. 51 days ago, around 2,508,773 Bitcoin were stored on crypto trading platforms. There was approximately 22,528,626 Ethereum on that day. Today, there are 4.48 million less. Exchanges currently hold 18,045.150 ETH.

According to current BTC exchange rates, around $11.53 trillion was taken from trading platforms. A large number of stablecoins were also withdrawn from the exchanges over the past 51 days, in addition to Bitcoin and Ethereum. 35.20 billion worth of stablecoins, such as USDC and USDT were held on trading platforms just days before FTX collapsed.

However, stablecoin assets worth $7.669 million have been removed since then. While withdrawals have been slowing down, BTC deposits and withdrawals have increased, According to Onchain statistics, bitcoin exchange outflows have surpassed their lowest level since June 2022. While withdrawals of Ethereum ( and ETH) slowed slightly on December 20, they have not really increased. Stablecoin withdrawals are still happening.

Due to the large number of withdrawals in the past two months, the crypto currency’s value was $1.06 trillion on November 5. Since then, it has fallen more than $246 million to $815.56 billion. 51 days ago, Bitcoin was selling for $21,351.98 per unit while Ethereum was trading at $1,649.88 each unit. Along with the BTC and ETH withdrawals, stablecoin withdrawals and top-ten crypto assets such as ADA, XRP and DOGE saw significant withdrawals starting Nov. 5.