Cryptocurrency Investors Panic As Bitcoin Leaves Exchanges

After the American crypto exchange FTX declared bankruptcy and its FTT token sank by more than 90%, many investors, crypto traders and other enthusiasts of the crypto world were faced with the question “How to save their savings?”. As a result, most of them decided to play it safe and withdraw the main cryptocurrency from the exchanges.

Someone transferred funds to online wallets like Trust Wallet, and someone sent funds to cold wallets. The most savvy have diversified their assets into multiple locations, using both online wallets and cold wallets. By the way, the rise in the cost of TWT (Trust Wallet token) can be explained precisely by this. Recently, the token showed a sharp jump from $1 to $2.32 and gave 132% to investors who invested in TWT at around $1.

Data from the CoinGlass portal states that the scale of the outflow of bitcoins from crypto exchanges is quite high. Over the past 24 hours, investors have withdrawn a total of about 26,000 BTC, which is equivalent to an amount exceeding $430,000,000. Since November 7, when FTX crashed, the total BTC withdrawals have exceeded the 220,000 BTC mark, which is over $3,600,000,000 in fiat terms.

Traders who continue to trade on the platforms and fans of futures who hold their positions, of course, continue to keep their funds on the exchanges for daily transactions. However, even they could transfer part of their property to over-the-counter storage of digital gold.

The recent situation was aggravated by the failure of the Gemini and Genesis platforms. The latter also announced the suspension of the withdrawal of funds. During the day, about 12.5% of BTC was withdrawn from Gemini. The total number of bitcoins held on the exchange has decreased from 188,500 ($3,100,000,000+) to 165,000 ($2,700,000,000+). Users of this exchange alone have withdrawn more than $400,000,000 in bitcoin equivalent in a short period of time.

As a result, the fears of traders and investors have intensified and, as a result, we can observe an increasing outflow of assets from exchanges lately. In addition, the withdrawal of 26,000 BTC from exchanges in the last 24 hours is not the last thing that will be implemented in recent times and in the near future we will be able to see more traders and crypto investors sending funds to their wallets.

Speaking of other exchanges, Kraken also shows poor accumulation results, where BTC trading volume fell by 27%. The leader of the crypto market Binance differs from its competitors by an extremely moderate decrease in the number of available coins of the main cryptocurrency. Coinbase can boast of the same result. Most of the clients of this crypto exchange remained confident in the trading platform and continue to accumulate savings there.