- As per the data provided by Nansen, 1.1 Million Ethers have been withdrawn from various exchanges like Binance, Kraken, Gemini and others since November 12.
- The major portion of Ethers is held over Binance as compared to the other exchanges.
- Also, more than $5.4 billion in crypto has left exchanges.
What does the data say?
Nansen, a blockchain analytic platform has now decided to keep an eye on variations in the balances of the biggest centralized and decentralized crypto exchanges. The step is taken just after the FTX and Alameda collapse.
On Saturday, the analytics firm posted on Twitter throwing light on the weekly summary of cash flow on the biggest crypto exchange. As per the data, more than $5.4 billion in crypto has left exchanges.
$5.4B* has been withdrawn (netflow) from exchanges in the past 7 days
A weekly summary
– Exchange deposits & withdrawals
– $ETH balances on exchanges
– Ethereum stablecoin balances*ETH & ERC20 tokens only, from addresses that we have labeled
— Nansen
(@nansen_ai) November 19, 2022
The exchanges which witnessed more outgoing than incoming money were Binance, Gemini and FTX. The loss of money experienced by Binance, Gemini and FTX were $2.3 billion, $679 million and $591 million respectively.
Talking since November 12, 2022, a total of 1.1 million Ethers that estimated about $1.3 billion in U.S. dollars.
The bankruptcy of FTX along with Alameda Research sent shockwaves to the investors leading to the withdrawal of the money by the customers.
The stablecoin balances
If we talk about stablecoin balances, there are two decentralized exchanges listed earlier unseen income of cryptos. Here, the two exchanges are Veteran DEXes Curve Finance and dYdX.
As per the reports shared by Nansen, Curve Finance has remarkably witnessed an inflow of $26.5 million. These stats helped Curve Finance in holding its position among the top 5 crypto services in terms of stablecoin balances.
Similarly, talking about dYdX, enlisted $26 million from the customer’s fund. A big name in this space, Uniswap was not able to register its name in this list because of its interruption in services. In line with the reports, it was down because of Cloudflare provider problems.
In a Twitter thread posted on November 19, the analytic firm disclosed the percentage of Ethereum balances on Exchanges. As per the data, the majority of the Ethereum balances are held over Binance with about 22% of the total balance. After this, comes Coinbase, Bitfinex, Kraken and Gemini having a percentage of 21%, 12%, 9.07% and 6.8% of the total balance respectively.
Source: https://www.thecoinrepublic.com/2022/11/20/1-1-million-ethers-taken-from-various-exchanges-since-november-12/