As the dust around the Alameda/FTX collapse settles, analysts from the top-tier on-chain research firm Nansen decided to track the changes in the balances of the largest centralized and decentralized cryptocurrency exchanges.
Two exchanges surpassed FTX in net outflow in past week
Today, on Nov. 19, 2022, Nansen analysts published a thread to cover the flow of money on major crypto exchange platforms in the past week. According to them, over $5.4 billion in crypto left exchanges.
$5.4B* has been withdrawn (netflow) from exchanges in the past 7 days— Nansen 🧭 (@nansen_ai) November 19, 2022
A weekly summary 🧵⤵️
- Exchange deposits & withdrawals
- $ETH balances on exchanges
- Ethereum stablecoin balances
*ETH & ERC20 tokens only, from addresses that we have labeled
The largest negative inflow (where users withdrew more money than they deposited) was registered on Binance, Gemini and FTX exchanges. Binance balances dropped by $2.3 billion, Gemini said farewell to $679 million, while the collapsed FTX lost $591 million.
In total, since Nov. 12, 2022, the users of centralized exchanges withdrew over 1.1 million Ethers (ETH), or $1.3 billion in USD equivalent.
This outflow wave became the largest in the past months. Users started aggressively taking their money out of exchanges, scared by the collapse of the FTX platform and its associated trading firm Alameda Research.
Users migrate to decentralized exchanges: Cases of Curve Finance (CRV), dYdX (DYDX)
In terms of stablecoin balances, two decentralized exchanges registered previously unseen inflows of cryptocurrency value. Veteran DEXes Curve Finance (CRV) and dYdX (DYDX) became safe havens for traders fleeing from centralized giants.
Nansen noticed that Curve Finance (CRV) registered a $26.5 million inflow. It allows the platform to make it into the top 5 crypto services by stablecoin balances.
Another prominent DEX, dYdX (DYDX), onboarded $26 million of users' funds. The major DEX Uniswap (UNI) likely failed to join this club due to the outages of its frontend.
As U.Today has reported, on Nov. 17, 2022, the exchange was down due to Cloudflare provider issues.