FTX collapse followed by an uptick in stablecoin inflows and DEX activity

FTX collapse followed by an uptick in stablecoin inflows and DEX activity


On-chain data from Glassnode show Bitcoin’s (BTC) movements hit a new record for the largest net decline in aggregate BTC balances on exchanges, reducing by 72,900 BTC in one week. 

A similar movement occurred in April 2020, November 2020 and June 2022, with the current outflow leaving around 2.25 million BTC on exchanges.

Bitcoin exchange balances with net position change line. Source: GlassnodeExchange exodus for Ether, but not stablecoins

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While Ether (ETH) did not see an all-time high outflow from exchanges, 1.1 million ETH was withdrawn from exchanges over the last week. According to Glassnode, this marks the largest 30-day exchange balance decline since September 2020 during the decentralized finance (DeFi) summer in the same year.

Ether exchange net position change. Source: Glassnode

Related: Exchange outflows hit historic

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