Wed. Dec 18th, 2024

During the last week, the crypto community has been dealing with the demise of FTX and its affiliated crypto businesses, and ever since then, the proof-of-reserves topic has found its way to the forefront of conversations. Another silver lining to the fiasco is the fact that cryptocurrency enthusiasts have removed large quantities of bitcoin and ethereum from centralized trading platforms. Seven-day statistics from cryptoquant.com indicate that more than $3.4 billion in bitcoin has been removed from exchanges since Nov. 7, 2022.

More Than $3.4 Billion in Bitcoin Has Been Removed From Exchanges Over the Last Week

A full week has passed since the start of the FTX fiasco, and it’s safe to say the event has shaken crypto investors a great deal. Metrics show that not only are exchanges dealing with some of the highest trade volumes in months, but trading platforms have seen a significant number of withdrawals as well.

After seven days of significant crypto price fluctuations, on Sunday, Nov. 13, crypto exchange volumes have seen momentum drop down to levels recorded prior to Nov. 7. Statistics from cryptoquant.com indicate that exchanges held 2,312,458 bitcoin (BTC) on Nov. 7, and by Sunday, Nov. 13, exchanges held 2,098,600 BTC.

This means that 213,858 bitcoin worth roughly $3.4 billion left exchanges since Nov. 7. Cryptoquant.com’s website notes that as “exchange reserves continue to fall, it indicates lower selling pressure.”

According to statistics collected by Peckshield, Bituniverse, and etherscan.io, the top bitcoin (BTC) holding exchange today is Coinbase. Coinbase’s bitcoin reserves stash is followed by the crypto exchanges Binance, Huobi Global, Kraken, and Okx, respectively.

$1.8 Billion in Ether Leaves Exchanges, Crypto.com Ethereum Wallet Processes Nearly 90,000 Transactions in 24 Hours

In addition to the BTC that left centralized digital currency exchanges, a significant amount of ethereum (ETH) has left the top trading platforms as well. Data from cryptoquant.com indicates that on Nov. 7, exchanges held 21,640,394 ether and the number of ether on trading platforms dropped to 20,077,244 ether.

The data shows that approximately 1,563,150 ether was removed from exchanges over the last week or 7.22% lower than the week prior. In terms of the ethereum removed in USD value, the 1.5 million ether was valued at more than $1.8 billion.

Between both the BTC and ETH removed from centralized exchanges from Nov. 7 to Nov. 13, the USD value equates to over $5.3 billion. Additionally, crypto enthusiasts have been monitoring crypto exchange wallets since quite a few are well known. Ever since a number of crypto trading platforms shared proof-of-reserve addresses, those too are being monitored.

Exchange wallets from Binance, Crypto.com, Kucoin, Bitfinex, and Huobi saw a significant number of transactions during the last few days. For instance, Crypto.com’s ethereum (ETH) wallet flagged as “Crypto.com2,” saw a massive spike in transactions during the last 24 hours.

Close to 90,000 ether transactions were processed through the Crypto.com2 address. Kucoin’s and Huobi’s ETH wallets also saw significant spikes during the last 24 hours, but the Crypto.com2 ethereum address outpaced them both in terms of processed transactions.

What do you think about the more than $5 billion worth of bitcoin and ethereum removed from exchanges this past week? Let us know your thoughts about this subject in the comments section below.