On November 19, Nansen, a Singapore-based company startup, shared a report in the Twitter thread of the withdrawal of cryptocurrency from the exchanges since November 12.
Nansen shares the report in the Twitter thread in which it shares an amount of approximately $5.4 billion worth of cryptocurrency from the exchanges. According to Nansen reports, a total of 1.1 million ETH worth $1.3 billion has been withdrawn from the exchanges since November 12.
Crypto Market Turmoils Results
Cryptocurrency spread its charm over the crypto users because people found something different, unique, decentralized and secure way of reserving money or transacting money. The most liked quality of cryptocurrency and blockchain is its trustworthy platform.
But because of some past weeks, the crypto market has lost its trust and respect among users.
Thousands of customers had lost their money in crypto because of FTX and Almeda Research drama. People started calling FTX and Alameda Research a ‘troubled company.’
In the financial ecosystem worldwide, FTX collapsing news created a big disturbance, Government securities authorities like FCA, SEC and CySEC and many more. The Economist, a British newspaper company, published an article that raised questions about cryptocurrency’s existence.
What the Nansen report says …..?
Nansen provides a weekly report since November 12 in which, just after the FTX collapse, $5.4 billion worth of cryptocurrency has been withdrawn.
According to the reports, Binance, Coinbase, Kraken, Bitfinex, and Paxo had a big transaction, with almost $1 billion of deposits and withdrawals.
Binance, Gemini, FTX, Coinbase and Kucoin are the leading crypto exchange companies, and according to the reports, these exchanges are showing a negative net flow of Ethereum.
The report stated the exchange balance after withdrawing 1.1 million ETH coins in the exchange. Binance has left with 5.12 million of ETH worth $6.1 billion; Coinbase, Bitfinex, Kraken and Gemini left with 11.9 million of ETH balance worth $19.6 billion.
Conclusion
As per the following reports, ETH holders are withdrawing their coins after the FTX collapse, which means people have no trust in the other exchanges because of this recent crisis in the crypto market.
Users want their capital to be safe and secure because of the rivalry, and because of the competition, users become the victim of the case.