{"id":70010,"date":"2022-11-14T12:08:00","date_gmt":"2022-11-14T10:08:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70010"},"modified":"2025-09-07T23:32:32","modified_gmt":"2025-09-07T20:32:32","slug":"ftx-collapse-drives-record-drawdown-in-exchange-bitcoin-balances","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ftx-collapse-drives-record-drawdown-in-exchange-bitcoin-balances\/","title":{"rendered":"FTX collapse drives record drawdown in exchange Bitcoin balances"},"content":{"rendered":"<p>Against the backdrop of<a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\"> the collapse of FTX<\/a>, a record outflow of bitcoins from exchange balances to cold wallets was observed. The monthly pace reached 106,000 BTC, according to Glassnode analysts.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Following the collapse of FTX, <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> investors have been withdrawing coins to self-custody at a historic rate of 106k <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a>\/month.<\/p>\n<p>This compares with only three other times:<br \/>\u2014 Apr 2020<br \/>\u2014 Nov 2020<br \/>\u2014 June-July 2022<a href=\"https:\/\/t.co\/92aYVYU4Yt\">https:\/\/t.co\/92aYVYU4Yt<\/a> <a href=\"https:\/\/t.co\/em7CsDBWUf\">pic.twitter.com\/em7CsDBWUf<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1591943265296998400?ref_src=twsrc%5Etfw\">November 13, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to their assessment, such high paces were previously characteristic of April and November 2020, as well as June\u2013July 2022.<\/p>\n<p>On November 9, the number of wallets that supported this trend reached ~90,000.<\/p>\n<p>The outflow of bitcoins from exchanges to non-custodial wallets signals investors&#8217; confidence in the long-term prospects of digital gold. The current withdrawal is driven by a loss of trust in storing coins on centralized exchanges.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>The collapse of FTX has led to very pronounced changes in the behaviour of Bitcoin holders across all cohorts,<\/em> the analysts wrote.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">The balance change has been dramatic across all cohorts since 6-November.<\/p>\n<p>\ud83e\udd90 [< 1 <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a>] = +33.7k BTC<br \/>\ud83e\udd80 [1-10 <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a>] = +48.7k BTC<br \/>\ud83e\udd88 [10-1k <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a>] = +78.0k BTC<br \/>\ud83d\udc0b [>1k <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a>] = +3.6k BTC<\/p>\n<p>Adv Dashboard: <a href=\"https:\/\/t.co\/fHx3aHCNdy\">https:\/\/t.co\/fHx3aHCNdy<\/a><br \/>Pro Dashboard: <a href=\"https:\/\/t.co\/92aYVYU4Yt\">https:\/\/t.co\/92aYVYU4Yt<\/a> <a href=\"https:\/\/t.co\/dGGk3mJUZP\">pic.twitter.com\/dGGk3mJUZP<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1591943279448588290?ref_src=twsrc%5Etfw\">November 13, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Glassnode, shrimp addresses (<1 BTC) saw inflows of 33,700 BTC, while whales (over 1,000 BTC) added 3,600 BTC.<\/p>\n<p>Analysts also noted a record inflow of stablecoins (about $1.04 billion in equivalent) onto exchanges. The total stablecoin balance across platforms rose to $41.2 billion. The driver was BUSD ($21.4 billion).<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">With stable coins flowing into exchanges on net, the total stablecoin reserve across all exchanges we track has pushed to a new ATH of $41.186B.<\/p>\n<p>Of note is the growing dominance of <a href=\"https:\/\/twitter.com\/search?q=%24BUSD&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BUSD<\/a>, as market participants move funds towards <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&#038;ref_src=twsrc%5Etfw\">#Binance<\/a>. <\/p>\n<p>Live Chart: <a href=\"https:\/\/t.co\/eBI9FyhiH2\">https:\/\/t.co\/eBI9FyhiH2<\/a> <a href=\"https:\/\/t.co\/bafJSEBhKB\">pic.twitter.com\/bafJSEBhKB<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1591943301711925248?ref_src=twsrc%5Etfw\">November 13, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The source of the inflows were stablecoins unlocked in DeFi protocols within the Ethereum ecosystem. Monthly outflows reached $4.63B in equivalent \u2014 the highest since the <a href=\"https:\/\/u1f987.com\/en\/news\/terras-death-spiral-how-and-why-luna-and-ust-collapsed\">collapse of Terra and UST<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">As a potential signal of market demand for USD liquidity, stablecoins are flowing out of <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&#038;ref_src=twsrc%5Etfw\">#Ethereum<\/a> smart contracts at the highest rate since the LUNA collapse.<\/p>\n<p>Stablecoins in smart contracts are depleting at a rate of $4.63B\/mth.<\/p>\n<p>Live Chart: <a href=\"https:\/\/t.co\/g4PZhMIXQb\">https:\/\/t.co\/g4PZhMIXQb<\/a> <a href=\"https:\/\/t.co\/mdpVZKcv7F\">pic.twitter.com\/mdpVZKcv7F<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1591943308536066049?ref_src=twsrc%5Etfw\">November 13, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u00ab\u0421\u0442\u0435\u0439\u0431\u043b\u043a\u043e\u0438\u043d\u044b \u043e\u0431\u0435\u0441\u043f\u0435\u0447\u0438\u043b\u0438 \u0440\u0435\u0437\u0435\u0440\u0432 \u0434\u043b\u044f \u043f\u043e\u043a\u0443\u043f\u043a\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0438 Ethereum c \u043f\u043e\u0441\u043b\u0435\u0434\u0443\u044e\u0449\u0438\u043c \u0432\u044b\u0432\u043e\u0434\u043e\u043c \u043f\u043e\u0441\u043b\u0435\u0434\u043d\u0438\u0445 [\u043d\u0430 \u043d\u0435\u043a\u0430\u0441\u0442\u043e\u0434\u0438\u0430\u043b\u044c\u043d\u044b\u0435 \u043a\u043e\u0448\u0435\u043b\u044c\u043a\u0438]\u00bb<\/em>, \u2014 \u043f\u043e\u0434\u044b\u0442\u043e\u0436\u0438\u043b\u0438 \u0441\u043f\u0435\u0446\u0438\u0430\u043b\u0438\u0441\u0442\u044b.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">On net, there appears to be a transition in investor holdings.<\/p>\n<p>\u2014 Stablecoins are flowing into exchanges<br \/>\u2014 Trustless assets like <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> and <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a> are flowing out<\/p>\n<p>This leads to a net increase in stablecoin \u2018buying power\u2019 on exchanges of ~$4B\/mth.<\/p>\n<p>Live Chart: <a href=\"https:\/\/t.co\/Df7lTFUabx\">https:\/\/t.co\/Df7lTFUabx<\/a> <a href=\"https:\/\/t.co\/TqYTjFZY5R\">pic.twitter.com\/TqYTjFZY5R<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1591943315490242561?ref_src=twsrc%5Etfw\">November 13, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As reported earlier, former MicroStrategy chief Michael Saylor and Binance CEO Changpeng Zhao<a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-and-michael-saylor-call-for-self-custody-of-crypto-assets\"> called<\/a> for self-custody of crypto assets.<\/p>\n<p>The latest <a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-warns-of-a-cascading-crisis-in-the-crypto-industry\"> compared<\/a> the current situation in the industry to the 2008 financial crisis. According to Zhao, even more companies could fail in the coming weeks.<\/p>\n<p>Earlier, cryptocurrency exchanges, including Binance, began to disclose<a href=\"https:\/\/u1f987.com\/en\/news\/binance-discloses-details-of-its-cryptocurrency-reserves\"> information about reserves in digital assets<\/a>.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news on our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 news on cryptocurrencies, rates and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Against the backdrop of the FTX collapse, there was a record outflow of bitcoins from exchange balances to cold wallets. The monthly pace reached 106,000 BTC, according to Glassnode analysts.<\/p>\n","protected":false},"author":1,"featured_media":70011,"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":[18,1166,57],"class_list":["post-70010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-centralized-exchanges-cex","tag-wallets"],"aioseo_notices":[],"amp_enabled":true,"views":"32","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70010","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=70010"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70010\/revisions"}],"predecessor-version":[{"id":70012,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70010\/revisions\/70012"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/70011"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=70010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=70010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=70010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}