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BTC, ETH and Stablecoins have been worth more than $19 Billion since the Inception of FTX’s Collapsing

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More Than $19 Billion in BTC, ETH, Stablecoins Left Exchanges Since the Onset of FTX’s Collapse

For more than 50 days or since Nov. 5, 2022, bitcoin, ethereum, and stablecoin owners removed roughly $19. 19 billion in crypto assets from centralized exchanges. Between Nov. 5 to Dec. 26, roughly 356,848 bitcoin and 4. 48 million ether were withdrawn from a myriad of crypto trading platforms worldwide.

$6 Billion in Bitcoin, Over $5 Billion in Ether, and More Than $7 Billion in Stablecoin Assets Were Removed From Centralized Exchanges in 51 Days

Since the onset of FTX’s collapse on Nov. 5, 2022, a great number of bitcoin (BTC) and ethereum (ETH) have left exchanges. Statistics from cryptoquant.com indicate that since that day 51 days ago, 356,848 BTC worth $6. 02 billion, using current bitcoin exchange rates, has been removed. This was the longest period of bitcoin and Ethereum withdrawals in a year.

More Than $19 Billion in BTC, ETH, Stablecoins Left Exchanges Since the Onset of FTX’s Collapse

Currently, on Dec. 26, 2022, cryptoquant.com metrics show there’s 2,151,925 BTC held on centralized exchanges. 51 days ago on Nov. 5, around 2,508,773 bitcoin were sitting on crypto trading platforms. On that day, there was roughly 22,528,626 ether held on centralized exchanges and today there’s 4. 48 million fewer as exchanges currently hold 18,045,150 ETH.

Using current BTC and ETH exchange rates indicates around $11. 53 billion was removed from trading platforms. In addition to BTC and ETH a large sum of stablecoins was withdrawn from exchanges as well over the last 51 days. Just days before FTX collapsed there was $35. 20 billion in stablecoins like USDC and USDT held on trading platforms.

Since then, however, $7. 669 billion worth of stablecoin assets has been removed. Although, the withdrawals have slowed down a great deal since Dec. 20, 2022, and BTC deposits have increased. Onchain statistics further show that bitcoin exchange outflows tapped their lowest levels since June 2022. Ethereum (ETH) withdrawals slowed on Dec. 20 as well, but haven’t really increased much. Stablecoin withdrawals are still happening.

The crypto economy’s total value was $1. 06 trillion on Nov. 5 and since then, it’s down more than $246 billion at $815. 56 billion. 51 days ago, BTC was changing hands for $21,351. 98 per unit, while ETH at the time was trading for $1,649. 88 per unit. In tandem with the BTC, ETH, and stablecoin withdrawals, top-ten crypto assets like BNB, XRP, DOGE, and ADA also saw significant withdrawals since Nov. 5.

What do you think about the bitcoin, ethereum, and stablecoins withdrawn from crypto exchanges over the last 51 days? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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