Nearly 20K Bitcoins moved to Binance from FTX over 48 hours Nearly 20K Bitcoins moved to Binance from FTX over 48 hours
FTX's Bitcoin holdings fell to 6,000 in November from 80,000 in January, while Binance now holds more than 640,000 Bitcoin.
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Updated: Nov. 8, 2022 at 10:31 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Nearly 20,000 Bitcoins were moved from FTX to Binance within the last two days, increasing the latter’s total Bitcoin holdings to over 640,000. Meanwhile, FTX’s holdings currently stand at 6,000 BTC as of Nov. 8, compared to 80,000 BTC at the start of 2022.
FTX reserves
FTX kept accumulating BTC for the first four months of the year and held almost 120,000 BTC at the peak. However, things took a turn in June and the exchange’s BTC holdings have steadily shrunk since.
It finally fell below 10,000 Bitcoin on Nov. 6, after Binance CEO Changpeng ‘CZ’ Zhao announced that Binance is liquidating all its FTT holdings.
CZ’s announcement came on the heels of rumors and speculation that FTX and Alameda Research may be facing a liquidity crunch.
FTX CEO Sam Bankman Fried tried to address these concerns but the industry is still spooked and withdrawing assets from the exchange. This affected the Bitcoin reserves as well, after a sharp decline in Bitcoin holdings on Nov. 6, FTX holds around 6,000 Bitcoins today.
Binance reserves
In the meantime, Binance has been significantly growing its Bitcoin holdings since the beginning of November.
After recording a dip at the end of October, the amount of Bitcoin Binance held started to spike. It especially grew significantly as a result of the events of Nov. 6.
Between Nov. 6 and Nov. 8, Binance’s Bitcoin holdings grew by around 3.2%. In the last 24 hours, nearly 20,000 Bitcoins were transferred from FTX to Binance, increasing Binance’s Bitcoin reserves to over 640,000.
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Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
FTX Token
$2.78035
FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.