$5.4 Billion of ETH Has Been Withdrawn From Exchanges This Week

  • $5.4 billion worth of ETH has been withdrawn from exchanges over the last week.
  • The weekly netflow for Binance was -$2.3 billion.
  • ETH is currently trading at $1,219.29 according to CoinMarketCap.

Nansen (@nansen_ai) tweeted metrics relating to crypto exchange, mainly the number of deposits, withdrawals and transfers of ERC-20 tokens and Ethereum (ETH) on various exchange platforms.

According to the tweet made yesterday, $5.4 billion has been withdrawn (netflow) from exchanges in the past 7 days, of which Binance, Coinbase, Kraken, Bitfinex and Paxos have each processed over $1 billion in deposits and withdrawals.

Exchange positive netflow
Exchange positive netflow over the last 7 days (Source: Nansen)

Bybit has a positive netflow of $332 million, MEXC $80 million, and Coinsquare $28 million. Meanwhile the negative netflow of Binance over the last 7 days is -$2.3 billion, Gemini’s is -$679 million, and FTX’s netflow stands at -$591 million.

Binance has the biggest balance of Ethereum stablecoins with a balance of $24.7 billion. Next on the list is OKX with $2.6 billion. Huobi, KuCoin and Bybit occupy positions 3,4, and 5 with their ethereum stablecoin balances standing at $823 million, $733 million and $695 million respectively.

The data shared in the tweet also shows that approximately 1.1 million ETH, which is around $1.3 billion, has been withdrawn from exchanges since November 12. Of which, Binance leads the way with 5.12 million ETH ($6.1 billion) withdrawn. Next is Coinbase with 4.89 million ETH ($5.9 billion).

Bitfinex saw 2.68 million ETH ($3.2 billion) withdrawn, Kraken 2.07 million ETH ($2.5 billion), and Gemini 1.55 million ETH ($1.9 billion).

In related news, the price of ETH is trading at $1,219.29 following a 0.97% rise over the last 24 hours, according to CoinMarketCap.

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