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Bitcoin Exit From Crypto Exchanges Rises to 220K Over Past 10 Days
The withdrawals began earlier in November as suspicions rose about FTX's solvency.
Updated May 9, 2023, 4:03 a.m. Published Nov 17, 2022, 2:50 p.m.
Roughly another 26,000 bitcoin has been pulled from crypto exchanges over the past 24 hours, bringing the total amount withdrawn since Nov. 7 to more than 220,000 bitcoin, according to data from Coinglass.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.
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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.
Read more: On-Chain Data Shows Investors Waiting, Changing Custody Behavior
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
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