Cryptocurrency

Bitcoin balance on FTX Exchange goes negative – Coinglass

The amount of Bitcoin held on FTX has gone negative after 20,175 BTC left the exchange in the last 24 hours.

Of all exchanges tracked by Coinglass, FTX has the lowest balance at -197.95 BTC.

The next lowest is Poloniex with 127.14 BTC, while exchanges like Coinbase Pro and Binance hold 573,452 BTC and 514,868 BTC respectively.

exchange bitcoin
Source: Coinglass

A total of 17,579 BTC left the exchange in the last 24 hours. The main outlier was Binance, which saw an inflow of 16,792 BTC, while Bitfinex, Gemini, and Huobi all moved over 3,000 BTC to the platform.

The chart below shows Bitcoin balances across all exchanges and the sharp drop on November 7th. Previously, 50,000 BTC moved to exchanges in a single day in late October, followed by a steady inflow of BTC in early November.

bitcoin exchange chart
Source: Coinglass

crypto slate We previously reported that around 20,000 BTC moved from FTX to Binance amid the ongoing drama. Glassnode data shows that 6,000 BTC has moved to FTX as of Nov. 6 after weeks of outflows. indicated that it was retained.

However, Coinglass data shows that the decline continues until the balance becomes negative.

Negative BTC balances on FTX may indicate insolvency issues with Bitcoin holdings on exchanges. “FTX is fine,” said Sam Bankman-Fried, his CEO of FTX. On November 6, it claimed that there was no liquidity crisis. Additionally, SBF reiterated that withdrawals are still being processed as further proof that investors have nothing to worry about.

According to FTX situation Bitcoin withdrawals are still available, despite data suggesting the exchange has negative Bitcoin balances, according to the page. The page also states that he has a backstop fund of $15 million and his FTT tokens of 6 million.

Bitcoin trading volume on FTX in the last 24 hours is 181,513 BTC and open interest is 35,799 BTC.plus a total of 24 hours spot trading FTX reported $3.76 billion, but a note on FTX’s Global Volume Monitor states that 35.3% of reported crypto volume across the industry is fake.

For comparison, FTX reported $13.45 billion in spot trading volume on Binance during the same period.

As Coinglass shows, there could be questions about whether FTX’s BTC balance is negative and whether this will encourage the exchange to sell other assets and acquire more BTC. I have.

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