{"id":69892,"date":"2022-11-10T18:47:57","date_gmt":"2022-11-10T16:47:57","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69892"},"modified":"2025-09-07T22:43:28","modified_gmt":"2025-09-07T19:43:28","slug":"glassnode-assesses-scale-of-on-chain-flows-tied-to-ftx-alameda-research-and-binance","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/glassnode-assesses-scale-of-on-chain-flows-tied-to-ftx-alameda-research-and-binance\/","title":{"rendered":"Glassnode assesses scale of on-chain flows tied to FTX, Alameda Research and Binance"},"content":{"rendered":"<p>In the wake of the events surrounding FTX, Glassnode analysts conducted a study of the scale and interconnections of on-chain flows over the last year, tied to FTX, Alameda Research and Binance.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">With the recent collapse of the <a href=\"https:\/\/twitter.com\/hashtag\/FTX?src=hash&#038;ref_src=twsrc%5Etfw\">#FTX<\/a> exchange, we have undertaken studies to assess the scale and relationship of on-chain flows over the last 1yr.<\/p>\n<p>The following thread covers \ud83e\uddf5<br \/>\u2014 Fund flows between <a href=\"https:\/\/twitter.com\/hashtag\/FTX?src=hash&#038;ref_src=twsrc%5Etfw\">#FTX<\/a>, <a href=\"https:\/\/twitter.com\/hashtag\/Alameda?src=hash&#038;ref_src=twsrc%5Etfw\">#Alameda<\/a>, <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&#038;ref_src=twsrc%5Etfw\">#Binance<\/a><br \/>\u2014 The complete decline of <a href=\"https:\/\/twitter.com\/hashtag\/FTX?src=hash&#038;ref_src=twsrc%5Etfw\">#FTX<\/a> exchange reserves<\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1590467845175283713?ref_src=twsrc%5Etfw\">November 9, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Over the analysed period, Alameda Research&#8217;s Ethereum wallets interacted predominantly with FTX (~90% by weighted volume) and Binance (~9%).<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"476\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-754-1024x476.png\" alt=\"Glassnode assessed the scale of on-chain flows of FTX, Alameda Research and Binance\" class=\"wp-image-190491\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-754-1024x476.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/1-754-300x140.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/1-754-768x357.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/1-754-1536x715.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/1-754-2048x953.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>In examining deposits to FTX, Sam Bankman-Fried&#8217;s trading firm proved the largest among all entities. Since November 8, 2021, Alameda Research had deposited onto the exchange&#8217;s addresses digital assets valued at more than $49 billion.<\/p>\n<p>Typically, inflows stood at around $200 million. They were often stablecoins (USDC, DAI, USDT and HUSD), Ethereum and WBTC.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"483\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-90-1024x483.jpg\" alt=\"Glassnode assessed the scale of on-chain flows of FTX, Alameda Research and Binance\" class=\"wp-image-190492\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-90-1024x483.jpg 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/2-90-300x142.jpg 300w, https:\/\/u1f987.com\/wp-content\/uploads\/2-90-768x362.jpg 768w, https:\/\/u1f987.com\/wp-content\/uploads\/2-90-1536x724.jpg 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/2-90-2048x966.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>When considering deposits to Alameda Research, analysts detected a shift in activity toward Bankman-Fried&#8217;s exchange. From its wallets, $7.1 billion flowed in. $15.5 billion went to Binance.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"478\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-52-1024x478.jpg\" alt=\"Glassnode assessed the scale of on-chain flows of FTX, Alameda Research and Binance\" class=\"wp-image-190493\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-52-1024x478.jpg 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/3-52-300x140.jpg 300w, https:\/\/u1f987.com\/wp-content\/uploads\/3-52-768x358.jpg 768w, https:\/\/u1f987.com\/wp-content\/uploads\/3-52-1536x717.jpg 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/3-52-2048x956.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Experts also assessed the dominance of Alameda Research and Binance in terms of funds flowing from FTX to other exchange platforms. Their shares stood at 38% and 36%, respectively.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"476\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-27-1024x476.jpg\" alt=\"Glassnode assessed the scale of on-chain flows of FTX, Alameda Research and Binance\" class=\"wp-image-190494\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-27-1024x476.jpg 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/4-27-300x139.jpg 300w, https:\/\/u1f987.com\/wp-content\/uploads\/4-27-768x357.jpg 768w, https:\/\/u1f987.com\/wp-content\/uploads\/4-27-1536x714.jpg 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/4-27-2048x951.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Experts suggested that Alameda Research acted as an intermediary in transfers between Binance and FTX. The platforms served as the firm&#8217;s main trading venues.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"511\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-20-1024x511.jpg\" alt=\"Glassnode assessed the scale of on-chain flows of FTX, Alameda Research and Binance\" class=\"wp-image-190495\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-20-1024x511.jpg 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/5-20-300x150.jpg 300w, https:\/\/u1f987.com\/wp-content\/uploads\/5-20-768x383.jpg 768w, https:\/\/u1f987.com\/wp-content\/uploads\/5-20.jpg 1496w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Within two days of the study, FTX&#8217;s reserves in Ethereum nearly dwindled to zero. The balance fell from more than 611,000 ETH to 80,000 ETH.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/6-14-1024x590.jpg\" alt=\"Glassnode assessed the scale of on-chain flows of FTX, Alameda Research and Binance\" class=\"wp-image-190496\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/6-14-1024x590.jpg 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/6-14-300x173.jpg 300w, https:\/\/u1f987.com\/wp-content\/uploads\/6-14-768x442.jpg 768w, https:\/\/u1f987.com\/wp-content\/uploads\/6-14-1536x885.jpg 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/6-14-2048x1180.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>For stablecoins, the metric also collapsed to zero from around $700-800 million observed in mid-October.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-13-1024x590.jpg\" alt=\"Glassnode assessed the scale of on-chain flows of FTX, Alameda Research and Binance\" class=\"wp-image-190497\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-13-1024x590.jpg 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/7-13-300x173.jpg 300w, https:\/\/u1f987.com\/wp-content\/uploads\/7-13-768x442.jpg 768w, https:\/\/u1f987.com\/wp-content\/uploads\/7-13-1536x885.jpg 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/7-13-2048x1180.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>The reserves of the leading cryptocurrency also showed a similar dynamic \u2014 from 108,000 BTC at the end of March, the balance fell almost to zero. The trend formed immediately after <a href=\"https:\/\/u1f987.com\/en\/news\/terras-death-spiral-how-and-why-luna-and-ust-collapsed\">Terra ecosystem collapse<\/a>.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/8-14-1024x590.jpg\" alt=\"Glassnode assessed the scale of on-chain flows of FTX, Alameda Research and Binance\" class=\"wp-image-190499\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/8-14-1024x590.jpg 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/8-14-300x173.jpg 300w, https:\/\/u1f987.com\/wp-content\/uploads\/8-14-768x442.jpg 768w, https:\/\/u1f987.com\/wp-content\/uploads\/8-14.jpg 1495w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The problems surrounding FTX have been an extremely complex event for the market, with hits to prices, investor confidence and consequences yet to be assessed&#8221;,<\/em> the specialists concluded.  <\/p>\n<\/blockquote>\n<p>Earlier, Coin Metrics suggested that a possible reason for FTX&#8217;s collapse could have been <a href=\"https:\/\/u1f987.com\/en\/news\/coin-metrics-identifies-possible-cause-of-ftx-crisis\">a large financial aid<\/a>, which the company extended to Alameda Research in Q2 2022. <\/p>\n<p>Recall that on 10 November Binance disclosed<a href=\"https:\/\/u1f987.com\/en\/news\/binance-discloses-details-of-its-cryptocurrency-reserves\"> information about the exchange&#8217;s cryptocurrency reserves<\/a> without a broad announcement.<\/p>\n<p>Against the backdrop of FTX&#8217;s insolvency-driven turbulence, Binance <a href=\"https:\/\/u1f987.com\/en\/news\/binance-tops-up-safu-fund-to-1-billion\">raised its SAFU fund to around $1 billion<\/a>.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\"\/\/telegram.me\/forklog\" target=\"\"_blank\"\" rel=\"nofollow\" noopener\">Telegram<\/a> \u2014 crypto news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the wake of the events surrounding FTX, Glassnode analysts conducted a study of the scale and interconnections of on-chain flows over the last year tied to FTX, Alameda Research and Binance.<\/p>\n","protected":false},"author":1,"featured_media":69893,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1435,1236,1273],"class_list":["post-69892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-alameda-research","tag-ftx","tag-glassnode"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69892","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=69892"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69892\/revisions"}],"predecessor-version":[{"id":69894,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69892\/revisions\/69894"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/69893"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=69892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=69892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=69892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}