$5.4 Billion Has Left Exchanges Since November 12

Analysts from the premier on-chain research company Nansen decided to monitor changes in the balances of the biggest centralized and decentralized cryptocurrency exchanges as the fallout from the FTX collapse subsided.

The money flow on the main cryptocurrency exchange platforms over the previous week was covered in a thread published by Nansen analysts on November 19, 2022. They claim that over $5.4 billion worth of cryptocurrency has left exchanges.

The highest negative inflows were seen on the exchanges for Binance, Gemini, and FTX. Gemini said goodbye to $679 million, Binance lost $2.3 billion in balances, and FTX lost $591 million.

Since November 12, 2022, users of centralized exchanges have taken out over 1.1 million Ethereum, or the equivalent of $1.3 billion. Bybit is the exchange that saw the most inflows, with $332 million.

As Coincu reported, the collapse of FTX has also brought positive signals to the DeFi industry.

Nansen noticed that Curve Finance registered a $26.5 million inflow. It allows the platform to make it into the top 5 crypto services by stablecoin balances, dYdX onboarded $26 million of users’ funds. The major DEX Uniswap failed to join this club due to the outages of its front end.

The strongest CEX outflow wave in recent months was this one. Users began hastily withdrawing their funds from exchanges out of fear following the failure of the FTX platform and its affiliated trading company Alameda Research.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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