50 days or more, or after November 5th, In 2022, Bitcoin, Ethereum and stablecoin owners have removed approximately $19.19 billion of crypto assets from centralized exchanges. Between November 5th and December 26th, approximately 356,848 Bitcoins and 4.48 million Ether were withdrawn from myriad cryptocurrency trading platforms around the world.
$6 billion in Bitcoin, over $5 billion in Ether, and over $7 billion in stablecoin assets removed from centralized exchanges in 51 days
On May 5, 2022, a large number of Bitcoin (BTC) and Ethereum (ETH) left the exchange since FTX collapsed in November. Statistics from cryptoquant.com show that 356,848 BTC worth $6.02 billion have been removed since that date 51 days ago using the current Bitcoin exchange rate. A period of almost two months was the largest number of annual withdrawals for Bitcoin and Ethereum.
As of Dec 26, 2022, the cryptoquant.com indicator is worth 2,151,925 BTC on centralized exchanges is held. Fifty-one days ago, on November 5, approximately 2,508,773 bitcoins were placed on cryptocurrency trading platforms. On that day, the centralized exchange held approximately 22,528,626 Ether, but today the exchange holds 18,045,150 ETH, which is 4.48 million less.
Using the current exchange rates of BTC and ETH, we can see that approximately $11.53 billion has been removed from the trading platform. In addition to BTC and ETH, large amounts of stablecoins have been withdrawn from exchanges over the past 51 days. Just days before FTX collapsed, stablecoins such as USDC and USDT held $35.2 billion on trading platforms.
But since then, $7.669 billion worth of stablecoin assets have been removed. However, since December 20, 2022, withdrawals have slowed significantly and deposits ofBTC have increased. On-chain statistics also show that Bitcoin exchange outflows have hit their lowest level since June 2022. However, stablecoin withdrawals continue.
Combined with numerous withdrawals in nearly two months, the value of the crypto-economy was around $1.6 trillion on November 5th, and has since grown to more than $246 billion. It decreased to $815.56 billion. 51 days ago,BTC was trading at $21,351.98 per unit, while ETH was trading at $1,649.88 per unit at the time. BTC,ETH, andBNB,XRP, DOGE, and ADA, together with stablecoin withdrawals 66} also saw a significant pullback after November 5th.
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