Nearly 20,000 Bitcoin (
$93,927.00 ) s were moved from FTX to Binance within the last two days, increasing the latter’s total Bitcoin ( $93,927.00 ) 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 Bitcoin ( $93,927.00 ) balance from January to November 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.
It finally fell below 10,000 Bitcoin ( $93,927.00 ) on Nov. 6, after Binance CEO Changpeng ‘CZ’ Zhao announced that Binance is liquidating all its FTT holdings.
FTX Bitcoin ( $93,927.00 ) balance from October to November 2022
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 ( $93,927.00 ) reserves as well, after a sharp decline in Bitcoin ( $93,927.00 ) holdings on Nov. 6, FTX holds around 6,000 Bitcoin ( $93,927.00 ) s today.
Binance reserves
In the meantime, Binance has been significantly growing its Bitcoin ( $93,927.00 ) holdings since the beginning of November.
Binance Bitcoin ( $93,927.00 ) balance from October to November 2022
After recording a dip at the end of October, the amount of Bitcoin ( $93,927.00 ) 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 ( $93,927.00 ) holdings grew by around 3.2%. In the last 24 hours, nearly 20,000 Bitcoin ( $93,927.00 ) s were transferred from FTX to Binance, increasing Binance’s Bitcoin ( $93,927.00 ) reserves to over 640,000.
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