The FTX contagion has spread pretty fast across all crypto exchanges and investors have been opting for a self-custody solution. There have been massive outflows of Bitcoin and stablecoins from the exchanges following the fall of FTX.
As per data from Glassnode, the speed of Bitcoins moving off exchanges is so high that all the BTC that flowed into exchanges since 2018 has now been withdrawn. The demand for self-custody and spot-driven Bitcoin markets is rising fast. Although Bitcoin has been through several bear markets in the past, this kind of behavior has been unprecedented.
Courtesy: Glassnode/Onchain-College
In addition to Bitcoin, there’s been a massive outflow of popular stablecoins like BUSD and USDC, from exchanges, over the last week. All these stablecoins have been moving into self-custody in large numbers. In their recent report, on-chain data provider Santiment wrote:
The start of the year was rather positive as we saw constant inflow of major stables (USDC, BUSD, USDT)
We współpracy z: https://coingape.com/is-crypto-really-dead-heres-what-exchange-outflows-convey/
