The exits began earlier in November as suspicions rose about FTX’s solvency.Read MoreCoinDesk
Roughly another 26,000 bitcoin (BTC) has been pulled from crypto exchanges over the past 24 hours, bringing the total amount withdrawn since Nov. 7 to more than 220,000 bitcoin, according to data from Coinglass.
At last read, there were 1.87 million bitcoin on exchanges tracked by Coinglass, the lowest level in at least one year, and down from 2.11 million on Nov. 7.
The fast pace of declines comes as investors move their bitcoin into self-custody after FTX last week first suspended client withdrawals and ultimately declared bankruptcy, putting into question exactly when or if customers might be able to gain access to their holdings.
Getting hit the most over the last day was Gemini after that exchange paused withdrawals from its Earn program thanks to its ties with crypto investment bank Genesis, whose crypto lending unit was forced to halt withdrawals. According to the Coinglass data, the bitcoin balance at Gemini currently stands at just shy of 165,000 coins, down about 12.5% from roughly 188,500 24 hours earlier.
Suffering a notable decline in bitcoin over the past week is Kraken, where the bitcoin balance at press time of 69,000 is down 27% from the level 7 days ago.
The two exchanges with the largest bitcoin balances – Coinbase (529,000) and Binance (479,000) – have each seen modest declines over the past week.
Read more: FTX’s Bitcoin Balance Plunges to Just 1
Read more about
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Bitcoin Magazine Bitcoin Magazine Books Opens 333-Copy Genesis Book Collector Edition for 3rd Anniversary Bitcoin…
Bitcoin Magazine Strive (ASST) Posts $474.8 Million Common Net Income as Bitcoin Yield Hits 63.2%…
Bitcoin Magazine Argentine Bitcoiners Debut “The Genesis of Satoshi Nakamoto” Artwork in Downtown Buenos Aires…
Bitcoin Magazine Bitcoin Price Holds Near $75,000 After Hot October Jobs Report U.S. employers added…
Bitcoin Magazine Binance Hackers Swap About $50 Million of Stolen XRP Mostly Into Bitcoin, Elliptic…
Nasdaq 100 futures were higher by 1.5% following Thursday's 5.5% rout. Japan's Nikkei and Korea's…