44,444 Bitcoin Has Left CEXs In The Last 30 Days

Key Points:

• Coinglass data has shown 44,444 Bitcoin has been taken off exchanges in the last 30 days.
• The collapse of FTX has been undeniably concerning for the industry. Investors are slowly losing faith in CEXs.
• Binance is the exchange that saw the most Bitcoin outflows.

Amid the turmoil caused by the defunct exchange FTX, investors gradually lost confidence in centralized trading platforms. The number of 44,444 Bitcoins withdrawn from exchanges in the past 30 days speaks for itself.

Coinglass data has shown 44,444 Bitcoin has been taken off exchanges in the last 30 days. That number reflects investor behavior in the last month alone. The massive number of BTC being withdrawn equates to a staggering $746 million at the time of writing.

The biggest tragedy in the history of cryptocurrencies is still the demise of FTX. Millions of dollars in customer funds are lost when one of the world’s top exchange platforms is shown to be counterfeit. Users’ concerns about rival exchanges’ lack of openness have subsequently increased the market’s risks.

In conclusion, Binance continues to be at the top of the list of exchanges losing Bitcoin. 78,445.21 BTC has been removed from the exchange in the previous 30 days. Evidently, the figures are being affected by the platform’s perceived lack of openness.

Although exchanges have demonstrated, or in other words, an effort to regain the trust of investors with the so-called “proof-of-reverse,” however it seems it is not enough for them to believe.

Paul Munter, the acting head accountant of the US Securities and Exchange Commission (SEC), has advised investors to be very wary when evaluating a cryptocurrency company’s proof-of-reserves. He said that these proof-of-reserve filings lack the information necessary for stakeholders to assess the company’s ability to cover its liabilities.

As Coincu reported, Bitcoin whales have sold a total of 280,000 BTC in the last month. Whales presently control approximately 9 million BTC, representing a considerable part of the total Bitcoin supply of 21 million BTC.

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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