bitcoin
Bitcoin (BTC) $ 16,815.25
ethereum
Ethereum (ETH) $ 1,229.53
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 283.66
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.389618
binance-usd
Binance USD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.096268
cardano
Cardano (ADA) $ 0.31047
solana
Solana (SOL) $ 13.33
matic-network
Polygon (MATIC) $ 0.890303
polkadot
Polkadot (DOT) $ 5.29
tron
TRON (TRX) $ 0.05348
bitcoin
Bitcoin (BTC) $ 16,815.25
ethereum
Ethereum (ETH) $ 1,229.53
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 283.66
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.389618
binance-usd
Binance USD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.096268
cardano
Cardano (ADA) $ 0.31047
solana
Solana (SOL) $ 13.33
matic-network
Polygon (MATIC) $ 0.890303
polkadot
Polkadot (DOT) $ 5.29
tron
TRON (TRX) $ 0.05348
Thursday, December 8, 2022
HomeCoinsEthereumFTX crash pushes Bitcoin to self-custody; Ethereum switched for stablecoins

FTX crash pushes Bitcoin to self-custody; Ethereum switched for stablecoins

After the FTX collapse, buyers are transferring giant quantities of Bitcoin (BTC) to their self-custody wallets and exiting Ethereum (ETH)  to spend money on stablecoins, in keeping with information analyzed by CryptoSlate.

Bitcoin retreats to self custody

The chart under demonstrates the quantity of liquid, illiquid, and extremely liquid Bitcoins since 2008.

As of November 2022, the quantity of Bitcoins held in self-custody wallets nearly reached 15 million. Out of the present circulating provide of 19,204,000, this quantity reveals that 78% of all Bitcoin is held in self-custody.

The chart under reveals the illiquid Bitcoin provide in additional element for the reason that starting of the yr, and it reveals {that a} sharp enhance was recorded this week.

This sharp enhance is perhaps the results of the precious classes the neighborhood discovered from the latest occasions with regard to FTX’s liquidity disaster. Despite the fact that FTX lately dedicated to doing every little thing it could actually to offer liquidity, it nonetheless abstained from making any guarantees.

Stablecoins over Ethereum

The chart under collects the provides of the highest 4 stablecoins – Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and DAI (DAI)- which can be on completely different blockchains and compares them with the Ethereum Market Cap.

The info reveals that stablecoin dominance triumphed over Ethereum dominance as of Nov. 11. This solely occurred as soon as earlier than within the historical past of crypto throughout June 2022, and is a powerful indicator displaying that buyers are transferring giant funds into stablecoins as Ethereum market cap drops.

See also  MetaMask IP assortment backlash is blown out of proportion

BitcoinMasterNews

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles

Explore More

Related Articles