Analysts from the premier on-chain research company Nansen made the decision to monitor changes in the balances of the biggest centralized and decentralized cryptocurrency exchanges as the fallout from the Alameda/FTX crisis subsided.
Analysts from Nansen created a thread today, Nov. 19, 2022, to discuss the money flow on significant cryptocurrency exchange platforms over the previous week. They claim that over $5.4 billion worth of cryptocurrency has fled exchanges.
On the Binance, Gemini, and FTX exchanges, the greatest negative inflow (where customers withdrew more money than they deposited) was recorded. Gemini said goodbye to $679 million, Binance lost $2.3 billion in holdings, and the defunct FTX lost $591 million.
Since November 12, 2022, users of controlled exchanges have taken out almost 1.1 million ETH, or the equivalent of $1.3 billion USD.
The strongest outflow wave in recent months was this one. Users began hastily withdrawing their funds from exchanges out of fear following the failure of the FTX platform and its affiliated trading company Alameda Research.
Two decentralized exchanges recorded previously unheard-of inflows of bitcoin value in terms of stablecoin balances. Curve Finance (CRV) and dYdX (DYDX), two seasoned DEXes, developed into safe havens for traders escaping centralized giants.
Nansen observed a $26.5 million inflow for Curve Finance (CRV). By stablecoin balances, it enables the site to rank among the top 5 crypto services.
A well-known DEX named dYdX (DYDX) added $26 million in user funds. Due to frontend issues, the major DEX Uniswap (UNI) most certainly did not join this club.
