Exchange Reserves to the Downside, Makes a 4.5-Year Low

NY Times Worldwide Currencies Tumbles, Except Bitcoin
  • On November 7, 2022, a sizable amount of Bitcoin departed the Exchanges’ wallet.
  • Bitcoin reserve level on exchanges is currently the lowest number in 4.5 years.
  • Nearly $1 billion worth of token values has left FTX and Alameda addresses.

The Bitcoin Exchange Reserves have seen some fascinating modifications, according to Cryptoquant. A large sum of Bitcoin left the Exchanges’ wallet on November 7, 2022. They include withdrawals from FTX and Coinbase Pro in significant amounts.

For instance, if the Exchange Reserves are examined in further detail, it can be seen that they have decreased from 2,304,000 BTC to 2,265,000 BTC. This represents a 39.000 BTC difference.

Specifically, the current Bitcoin reserve level on exchanges (2,265,000 BTC) is the lowest number in 4.5 years.

In the midst of all of this, many have taken to Twitter to express their opinions on the emerging problem. All exchanges should have transparent verification of reserves, according to Cobie, a Twitter user. 

He continues that clear dashboards relating to on-chain data/wallets are necessary. Additionally, he counsels against having to believe some tweets because the potential outcome may cause major losses to users.

This is an incredibly fantastic demonstration of faith in the Bitcoin network while being aware of the hazards and uncertainty in the cryptocurrency market and other markets worldwide.

According to Cryptoquant, FTX is the source of some of the withdrawals. Given the recent developments, this may vary significantly over the next few months.

Notably, on Sunday, CEO of Binance Changpeng Zhao “CZ” announced his company would sell its holdings in FTT, launching a startling roundhouse attack on rival exchange FTX. 

Due to this disagreement, the market has seen nearly $1 billion in assets and token values depart FTX and Alameda addresses over the course of the last week.

Rapid changes are conceivable in these circumstances due to real-time developments. Stablecoin holdings on FTX are now dropping quickly as customers withdraw funds from the exchange.

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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.

programmer & freelance writer