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Nearly 20K Bitcoins moved to Binance from FTX over 48 hours

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Nearly 20,000 Bitcoins were moved from FTX to Binance within the last two days, increasing the latter’s total Bitcoin 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 balance from January to November 2022
FTX Bitcoin 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 on Nov. 6, after Binance CEO Changpeng ‘CZ’ Zhao  announced  that Binance is liquidating all its FTT holdings.

FTX Bitcoin balance from October to November 2022
FTX Bitcoin 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 reserves as well, after a sharp decline in Bitcoin holdings on Nov. 6, FTX holds around 6,000 Bitcoins today.

Binance reserves

In the meantime, Binance has been significantly growing its Bitcoin holdings since the beginning of November.

Binance Bitcoin balance from October to November 2022
Binance Bitcoin balance from October to November 2022

After recording a dip at the end of October, the amount of Bitcoin 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 holdings grew by around 3.2%. In the last 24 hours, nearly 20,000 Bitcoins were transferred from FTX to Binance, increasing Binance’s Bitcoin reserves to over 640,000.

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