Researcher unpacks on-chain data highlighting significant ETH and stablecoin outflows from centralized exchanges.
Binance, Kraken, Bitfinex and Gemini wallets feature in the largest ETH balances list while the Arbitrum layer 2 roll-up bridge also holds a significant amount of Ether.
The recent collapse of FTX may have als led to fears for users holding assets with third-party custodians like centralized exchanges. Leow highlighted the reality that the safety of funds held on exchanges may not be guaranteed: According to Nansen’s exchange flow dashboard, Jump Trading stands out as an entity with significant withdrawal volumes from exchanges in comparison to their deposits. Leow presented a number of possible reasons for Jump Trading’s token movements, noting the firm's exposure to“Due to their exposure to the FTX fallout, they had to offload some tokens out of exchanges in need of liquidity.
The past week also saw a significant amount of stablecoins moved off exchanges. Stabelcoins worth $294 million flowed out of Gemini, while Bitfinex saw $173 million moved off its platform. KuCoin and Coinbase followed, with $138 million and $108 million of stablecoins withdrawn from the two exchanges respectively.
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