The collapse of FTX led to a similar exodus from centralized exchanges, as users worried they may lose access to funds during crises.
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The collapse of Silicon Valley Bank (SVB) saw investors loading their bags with USD Coin (USDC), along with an exodus of funds from centralized exchanges (CEXs) to decentralized exchanges (DEXs).
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Outflows from centralized exchanges often spike when the markets are in turmoil, explained blockchain analysis firm Chainalysis in a March 16 blog post, as users are likely worried about losing access to their funds when exchanges go down.
Funds sent from CEXs to DEXs following SVB’s collapse. Source: Chainalysis.
Data from Chainalysis shows that hourly outflows from CEXs to DEXs spiked
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