$19B in BTC, ETH, and Stablecoins Left Exchanges in 51 Days

More than $19 billion in BTC, ETH, and stablecoins were withdrawn from centralized exchanges.
$7 billion in stablecoins left the exchanges, making up the vast bulk of the outflow.
This serves as a reminder of the rising interest in decentralized solutions.

More than $19 billion in BTC, ETH, and stablecoins were withdrawn from centralized exchanges since the defunct FTX collapsed on Nov 5. This indicates that traders are moving their money away from centralized markets. This also implies that they are keeping them in personal wallets or moving them to decentralized exchanges.

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Concretely, over $7 billion in stablecoins left the exchanges, making up the vast bulk of the outflow. Nearly $5 billion was moved using Ethereum, while around $6 billion was transferred using Bitcoin.

Since December 20th, 2022, however, both BTC deposits and withdrawals have slowed significantly. Bitcoin exchange withdrawals hit a record low, according to on-chain data, the lowest since June 2022.

Multiple causes undoubtedly contribute to the dramatic increase in outflows. First, there is skyrocketing acclaim for cryptocurrency markets that are not governed by a central authority. Users now have additional decentralized storage alternatives for their assets thanks to services like Uniswap and the DeFi protocol.

Second, if regulatory burdens on exchanges increase, some customers may be tempted to move their money elsewhere.

With investors becoming more aware of the dangers connected with centralized exchanges, the outflow of capital is a welcome development. It’s evidence that they care about the security of their holdings and are taking preventative measures. It also serves as a reminder of the rising interest in decentralized solutions and may foreshadow future developments in the cryptocurrency market.

On the same accord, 51 days ago, BTC was changing hands for $21,351.98 per unit, while ETH at the time was trading for $1,649.88 per unit.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.