- Crypto industry shows crisis after crisis this year, followed by the recent FTX crash.
- Investors have been left reeling after FTX collapsed recently.
- In November, almost $20 billion was withdrawn by investors.
The collapse of FTX resulted in the largest-ever outflow of bitcoin from crypto exchanges, with investors withdrawing nearly $1.5 billion.
After facing a liquidity crunch, the ensnared exchange filed for bankruptcy. As a turn of events, the fallout of FTX left all its customers in shock and the general demand towards crypto earnings fell.
According to the research firm CryptoCompare, almost all tokens worth $1.5 billion were withdrawn by investors in November from several exchanges. This amounts to almost 15% of total assets withdrawn.
The number of bitcoin tokens pulled from exchanges such as Kraken, Coinbase (NASDAQ:COIN), and Binance was the highest ever in November, with 91,363 tokens worth nearly $1.5 billion pulled. According to the report, it is unclear whether those cryptocurrencies were sold or transferred to private wallets.
In the same period in 2021, investors pulled 3,846 bitcoin from centralized exchanges. Year-to-date, Bitcoin has fallen roughly 63%. At press time, it traded at around $17,000, which is far away from its ATH of $69,000 in November 2021.
Earlier this year, two major lenders, Voyager Digital and C ...
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