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.
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 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.
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.
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.