Binance, the largest cryptocurrency exchange in the world, is seeing record outflows. This is despite the collapse of rival FTX platform. According to CryptoQuant, Binance users have taken out 81,712 bitcoins worth approximately $1.35 million over the past six days.
Binance users drew $155 million in Ethereum coins and $1.14 trillion in stablecoins during the same time period. Changpeng Zhao, Binance CEO, issued a statement stating that he would create a fund in order to rebuild the cryptocurrency market. Investors raised the price bitcoin and other cryptocurrencies in anticipation of this initiative. According to CoinDesk, one bitcoin was currently worth approximately $16,797 while Ethereum traded at $1,243 per coin.
According to the source, the withdrawal of funds from cryptocurrency trading platforms is a problem. Coinglass reports that over the last few days, around 200,000 bitcoins have been withdrawn by users of cryptocurrency exchanges. Accordingly, the total number of bitcoins stored on cryptocurrency exchanges has dropped to 1.88 millions tokens. Binance was not the only one to notice a decrease in bitcoins stored on exchanges.
This is because of the bankruptcy of FTX, one of the most important crypto exchanges. In just a few days, the FTX balance dropped from 20 000 bitcoins to one.