Practically 20,000 Bitcoins had been moved from FTX to Binance throughout the final two days, rising the latter’s whole Bitcoin holdings to over 640,000. In the meantime, FTX’s holdings at present stand at 6,000 BTC as of Nov. 8, in comparison with 80,000 BTC firstly of 2022.
FTX reserves
FTX saved accumulating BTC for the primary 4 months of the yr and held nearly 120,000 BTC on the peak. Nevertheless, issues took a flip in June and the alternate’s BTC holdings have steadily shrunk since.
It lastly fell beneath 10,000 Bitcoin on Nov. 6, after Binance CEO Changpeng ‘CZ’ Zhao introduced that Binance is liquidating all its FTT holdings.
CZ’s announcement got here on the heels of rumors and hypothesis that FTX and Alameda Analysis could also be going through a liquidity crunch.
FTX CEO Sam Bankman Fried tried to deal with these issues however the business remains to be spooked and withdrawing belongings from the alternate. This affected the Bitcoin reserves as nicely, after a pointy decline in Bitcoin holdings on Nov. 6, FTX holds round 6,000 Bitcoins at present.
Binance reserves
Within the meantime, Binance has been considerably rising its Bitcoin holdings because the starting of November.
After recording a dip on the finish of October, the quantity of Bitcoin Binance held began to spike. It particularly grew considerably because of the occasions of Nov. 6.
Between Nov. 6 and Nov. 8, Binance’s Bitcoin holdings grew by round 3.2%. Within the final 24 hours, practically 20,000 Bitcoins had been transferred from FTX to Binance, rising Binance’s Bitcoin reserves to over 640,000.
