{"id":509586,"date":"2022-11-13T14:47:32","date_gmt":"2022-11-13T11:47:32","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/3-billion-in-bitcoin-left-exchanges-this-week-amid-ftx-contagion-fears\/"},"modified":"2022-11-13T14:47:32","modified_gmt":"2022-11-13T11:47:32","slug":"3-billion-in-bitcoin-left-exchanges-this-week-amid-ftx-contagion-fears","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/3-billion-in-bitcoin-left-exchanges-this-week-amid-ftx-contagion-fears\/","title":{"rendered":"# $3 billion in Bitcoin left exchanges this week amid FTX contagion fears"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26e08bb5a06\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26e08bb5a06\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/3-billion-in-bitcoin-left-exchanges-this-week-amid-ftx-contagion-fears\/#%E2%80%9D_3_billion_in_Bitcoin_left_exchanges_this_week_amid_FTX_contagion_fears_%E2%80%9C\" >&#8221; $3 billion in Bitcoin left exchanges this week amid FTX contagion fears &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/3-billion-in-bitcoin-left-exchanges-this-week-amid-ftx-contagion-fears\/#Exchange_users_wake_up_to_self-custody\" >Exchange users wake up to self-custody<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/3-billion-in-bitcoin-left-exchanges-this-week-amid-ftx-contagion-fears\/#Analysis_BTC_reserves_may_not_tell_whole_story\" >Analysis: BTC reserves may not tell whole story<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_3_billion_in_Bitcoin_left_exchanges_this_week_amid_FTX_contagion_fears_%E2%80%9C\"><\/span>&#8221; $3 billion in Bitcoin left exchanges this week amid FTX contagion fears &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-e13e51fa>Bitcoin (BTC) investors are withdrawing funds from exchanges at a rate not seen since April 2021 with nearly $3 billion in Bitcoin withdrawn over the past seven days.<\/p>\n<p>New data from on-chain analytics firm <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=&amp;m=addresses.ReceivingCount\">Glassnode<\/a> shows the number of wallets receiving BTC from exchange addresses hit almost 90,000 on Nov. 9.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Exchange_users_wake_up_to_self-custody\"><\/span>Exchange users wake up to self-custody<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Amid ongoing turmoil over the bankruptcy of major exchange FTX, concerns have heightened among exchange users over security of funds.<\/p>\n<p>Commentators have upped advice to avoid custodial wallets and take control of cryptoassets, and regulators are increasing scrutiny of the crypto industry en masse.<\/p>\n<p>On-chain figures suggest that a large number of hodlers have opted for non-custodial wallets over the past week.<\/p>\n<p>The number of withdrawing addresses saw a huge spike on Nov. 9, this surpassing the daily highs for both May and June this year when BTC price action last saw significant downside pressure.<\/p>\n<p>For Nov. 12, the latest date for which data is available, withdrawing addresses still totaled over 70,000.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/db62e150-80ba-48b8-8726-0e3ca5a4955e.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin exchange receiving addresses chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>The same Glassnode data gives an hourly average of over 3,000 withdrawing addresses over the seven days to Nov. 13.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/1f5d2a4f-1184-47ac-9d69-e0ee42211800.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin exchange receiving addresses chart. Source: Glassnode\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Analysis_BTC_reserves_may_not_tell_whole_story\"><\/span>Analysis: BTC reserves may not tell whole story<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The numbers tie in with what <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be rapidly-declining BTC reserves across major trading platforms.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin will shrug off FTX \u2018black swan\u2019 just like Mt. Gox \u2014 analysis<\/em><\/strong><\/p>\n<p>While the velocity of the drop suggests that the true balance tally may be difficult to confirm at present, data from fellow on-chain analytics resource <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary\">CryptoQuant<\/a> puts overall exchange reserves at their lowest since February 2018.<\/p>\n<p>CryptoQuant tracks a total of 38 exchanges, including those with reported financial problems such as FTX and Kucoin.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/2a748141-8d3a-428e-a984-cb50c4bfdab6.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin exchange reserve chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>Another chart, this time from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/Balance\">Coinglass<\/a>, suggested 177,000 BTC in weekly withdrawals through Nov. 13 \u2014 a U.S. dollar value of around $3 billion at today&#8217;s price.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/f90fe8a1-0bfc-49c9-b93a-4e262ee71e6f.png\"><figcaption style=\"text-align: center;\"><em>BTC balance on exchanges chart. Source: Coinglass<\/em><\/figcaption><\/figure>\n<p>Glassnode senior analyst Checkmate nonetheless flagged three exchanges in particular with what he called \u201cparticularly weird\u201d Bitcoin balance readouts \u2014 Huobi, Gate.io and Crypto.com.<\/p>\n<p>Concluding a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/_Checkmatey_\/status\/1591727461762756609\">dedicated thread<\/a> into the topic, he noted that \u201cExchange balances are best estimate based on wallet clustering. They are more likely to be a lower bound than an overestimate.\u201d<\/p>\n<p>\u201cThese fund flows between exchanges include both real customers + FTX\/Alameda. Hard to separate, thus looking as relative-to-balance,\u201d he added.<\/p>\n<p>Forecasting how the current scenario may play out, Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, meanwhile said that the worst was likely not yet over.<\/p>\n<p>\u201cProbably we\u2019ll have more issues with exchanges coming weeks, but probably also a ton of gossip,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1591730894515343360\">told<\/a> Twitter followers at the weekend. <\/p>\n<blockquote><p>\u201cStay safe, be calm and don\u2019t make emotional decisions. We\u2019re in terrible territories, but crypto will come out of this stronger.\u201d<\/p><\/blockquote>\n<p>BTC\/USD was trading at around $16,500 at the time of writing, data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a> showed.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/c49cda3d-0f77-4f12-bc71-b75e3b89702b.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/3-billion-in-bitcoin-left-exchanges-this-week-amid-ftx-contagion-fears\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; $3 billion in Bitcoin left exchanges this week amid FTX contagion fears &#8220; Bitcoin (BTC) investors are withdrawing funds from exchanges at a rate not seen since April 2021 with nearly $3 billion in Bitcoin withdrawn over the past seven days. New data from on-chain analytics firm Glassnode shows the number of wallets receiving&#8230;<\/p>\n","protected":false},"author":1,"featured_media":509587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNGY0ODA5ZDYtYTEyZC00MmY0LTgxYzktZTNmM2FlMDQ2OGQzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74860,135234,73785],"class_list":["post-509586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrency-exchange","tag-ftx","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=509586"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509586\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/509587"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=509586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=509586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=509586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}