Bitcoin

BUSD has seen 12 billion withdrawn from exchanges in 3 months, USDT, BTC have been net beneficiaries

02/27/2023
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Quick Take

  • The outflows for BUSD continue, which sees a balance on exchanges of less than 10 billion.
  • The balance on exchange was as high as 22 billion on exchanges in November 2022 — a trend expected to continue.
  • USDT and Bitcoin have benefited the most from these outflows — as USDT dominates at 55%, the highest since November 2021.
  • While the Bitcoin stablecoin supply ratio suggests outflows of stablecoins have gone into Bitcoin — its highest ratio for over two years.
BUSD Balance on exchange: (Source: Glassnode)
BUSD Balance on exchange: (Source: Glassnode)

 

SSR: (Source: Glassnode)
SSR: (Source: Glassnode)
Supply Dominance: (Source: Glassnode)
Supply Dominance: (Source: Glassnode)

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Source: https://cryptoslate.com/insights/busd-has-seen-12-billion-withdrawn-from-exchanges-in-3-months-usdt-btc-have-been-net-beneficiaries/