$11 Billion Outflow of Bitcoin and Ethereum From Exchanges Following FTX Collapse

Since the collapse of FTX on November 5, 2022, there has been a significant outflow of bitcoin and ethereum from exchanges. According to data from cryptoquant.com, 356,848 BTC worth around $6.02 billion has been removed from exchanges in the past 51 days, the largest amount of withdrawals for both cryptocurrencies all year.

The data also shows that 4.48 million ether was removed from exchanges in the same period. In addition, a large amount of stablecoins, such as USDC and USDT, have also been withdrawn from exchanges, totaling around $7.669 billion. However, the pace of withdrawals has slowed down since December 20, 2022, and there has been an increase in bitcoin deposits.