$5.4 Billion of ETH Has Been Withdrawn From Exchanges This Week By CoinEdition

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$5.4 Billion of ETH Has Been Withdrawn From Exchanges This Week

Cryptocurrency Nov 20, 2022 07:00AM ET

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$5.4 Billion of ETH Has Been Withdrawn From Exchanges This Week

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$5.4 billion worth of ETH has been withdrawn from exchanges over the last week.
The weekly netflow for Binance was -$2.3 billion.
ETH is currently trading at $1,219.29 according to CoinMarketCap.

Nansen (@nansen_ai) tweeted metrics relating to crypto exchange, mainly the number of deposits, withdrawals and transfers of ERC-20 tokens and Ethereum (ETH) on various exchange platforms.

According to the tweet made yesterday, $5.4 billion has been withdrawn (netflow) from exchanges in the past 7 days, of which Binance, Coinbase (NASDAQ:COIN), Kraken, Bitfinex and Paxos have each processed over $1 billion in deposits and withdrawals.

Exchange positive netflow over the last 7 days (Source: Nansen)

Bybit has a positive netflow of $332 million, MEXC $80 million, and Coinsquare $28 million. Meanwhile the negative netflow of Binance over the last 7 days is -$2.3 billion, Gemini’s is -$679 million, and FTX’s netflow stands at -$591 million.

Binance has the biggest balance of Ethereum stablecoins with a balance of $24.7 billion. Next on the list is OKX with $2.6 billion. Huobi, KuCoin and Bybit occupy positions 3,4, and 5 with their ethereum stablecoin balances standing at $823 million, $733 million and $695 million respectively.

The data shared in the tweet also shows that approximately 1.1 million ETH, which is around $1.3 billion, has been withdrawn from exchanges since November 12. Of which, Binance leads the way with 5.12 million ETH ($6.1 billion) withdrawn. Next is Coinbase with 4.89 million ETH ($5.9 billion).

Bitfinex saw 2.68 million ETH ($3.2 billion) withdrawn, Kraken 2.07 million ETH ($2.5 billion), and Gemini 1.55 million ETH ($1.9 billion).

In related news, the price of ETH is trading at $1,219.29 following a 0.97% rise over the last 24 hours, according to CoinMarketCap.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post $5.4 Billion of ETH Has Been Withdrawn From Exchanges This Week appeared first on Coin Edition.

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Comments (1)

jason xx Nov 20, 2022 8:03AM ET

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$5.4 Billion of ETH Has Been Withdrawn From Exchanges This Week

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