From November 5 to December 26, almost 357,000 BTC and 4.48 million ETH were withdrawn from accounts of various centralized trading platforms around the world.
More than $19 billion worth of assets were withdrawn from centralized crypto exchanges (CEX) accounts within 50 days after the news about Binance’s plans to sell FTT tokens worth over $529 million appeared in the media. This is according to data from CryptoQuant.
BTC, ETH, and stablecoins saw the most active withdrawals. CEX total reserves in BTC decreased by almost 15% from November 5 to December 26, while ETH reserves dropped by 20%. Reserves in USDC and USDT declined by nearly 22%. There were also significant outflows of cryptocurrencies from the top 10, including BNB, XRP, DOGE, and ADA. However, withdrawals slowed down from December 20.
Meanwhile, on December 25, daily spot trading volume fell below $10 billion, a level last seen on December 17, 2020. This was reported by The Block, citing the analytics service CryptoCompare. According to CoinMarketCap, the total cap was down to $792 billion on December 28. The decline in market activity comes amid a record low in BTC’s volatility.
