Binance users have withdrawn 135 billion in Bitcoin since the
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Binance users have withdrawn $1.35 billion in Bitcoin since the FTX crash

The world’s largest cryptocurrency exchange, Binance, is facing record outflows of Bitcoin, Ethereum and stablecoins amid the collapse of its rival FTX platform. In the last six days, Binance users have withdrawn 81,712 bitcoins worth about $1.35 billion, according to CryptoQuant.

    Image Source: Kanchanara / unsplash.com

Image Source: Kanchanara / unsplash.com

During the same period, Binance users withdrew 125,026 Ethereum coins worth $155 million and $1.14 billion in stablecoins. Against this backdrop, Binance CEO Changpeng Zhao issued a statement promising to set up a cryptocurrency industry recovery fund. In anticipation of the implementation of this initiative, investors have increased the price of bitcoin and some other cryptocurrencies. At the time of writing, one Bitcoin was worth around $16,797, while Ethereum was trading at $1,243 per coin (according to the CoinDesk platform).

The source notes that withdrawing funds from cryptocurrency exchanges is a problem for the industry. According to Coinglass, users of cryptocurrency exchanges have withdrawn about 200,000 bitcoins in total over the past few days. As a result, the number of bitcoins held on exchanges dropped to 1.88 million tokens. In addition to Binance, exchanges Coinbase, Gemini and Kraken have seen a noticeable drop in the number of bitcoins stored.

    Image source: CryptoQuant

Image source: CryptoQuant

This trend is due to the collapse of one of the largest crypto exchanges FTX, which started bankruptcy proceedings a few days ago. Within a few days, the FTX balance was reduced from 20,000 bitcoins to one.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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