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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 Between Nov. 5 to Dec. 26, roughly 356,848 bitcoin and 4. 48 million ether were withdrawn from a myriad of crypto trading platforms worldwide.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 In addition to BTC and ETH a large sum of stablecoins was withdrawn from exchanges as well over the last 51 days.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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