The crypto exchange KuCoin recorded an outflow of $118 million in September compared to the previous month.
The crypto-exchange’s proof of reserve shows a decline in the holdings of Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).
KuCoin: the crypto-exchange records $118 million monthly outflow
The September 2023 close for KuCoin does not appear to have been positive. On the contrary, compared to the previous month, it does indeed appear that the crypto-exchange recorded both an outflow of $118 million and a decline in major crypto stocks.
And indeed, according to DefiLlama, it does appear that the $118 million figure is a net outflow that KuCoin experienced in September compared to the previous month.
This drop in volume may be due to a drop in confidence on the part of customers, who do not feel reassured by the markets and the changing regulatory landscape.
Along with KuCoin, Binance also appears to have experienced a substantial outflow in the past month, worth $800 million.
In contrast, Crypto.com and ByBit’s crypto-exchanges managed to improve their performance in terms of monthly inflows, with an increase of $40 million and $138 million, respectively.
KuCoin: crypto-exchange’s proof of reserve shows declining availability of Bitcoin, Ethereum, and Tether
The latest September proof of reserve from KuCoin’s crypto-exchange, released on 29 September, also appears to have red colors of declines.
And indeed, as noted by analyst Wu Blockchain, here is the status of KuCoin’s latest PoR:
In practice, the reserves of the major cryptos on the crypto-exchange were down slightly in September, compared with the previous month.
Hence, Bitcoin holdings held by KuCoin decreased by about 4%, or just over 17,600 BTC in September.
Ethereum and Tether are also seeing declines in reserves. For Ethereum, a decrease of 3% to about 148,000 ETH is reported. For Tether, on the other hand, USDT reserves are down 4% to about $837 million.
The report on the rise of crypto investors in Turkey
Recently, KuCoin reportedly released a report on crypto usage that showed that the number of Turkish investors has increased by 12% over the past 18 months.
Specifically, the significant growth of crypto investors in Turkey is registered by adults. And in fact, 52% of Turkish adults are now reported to be involved in cryptocurrency. This figure was previously 40%. Not only that, even young women seem to be beginning to participate.
Continuing with the survey, then, it appears that the younger generation is driving crypto growth in Turkey. In fact, 31% of investors joined the cryptocurrency world in the last quarter, with 36% investing over 100,000 Turkish lira.
Overall, 48% of crypto investors are between the ages of 31 and 44, while 37% are between the ages of 18 and 30.
Finally, the survey shows that Bitcoin is the predominant crypto choice, with 71% of investors expressing interest. This is followed by Ethereum and Stablecoins.
Source: https://en.cryptonomist.ch/2023/10/02/kucoin-crypto-exchange-records-outflow-118-million/