According to the findings of the cryptocurrency monitoring site CryptoQuant, the number of stablecoin withdrawal transactions has been on the rise, despite the fact that their buying power has been on a decline.
In particular, it is important to highlight the BUSD withdrawal transaction that took place. According to the statistics, this particular withdrawal transaction represents the biggest amount ever processed. This occurs in the middle of the drama surrounding FTX, which has led to an increase in the amount of stablecoins being deposited into the exchange wallets.
Stablecoin balances continue to be net positive on exchanges, which means that their total balances are increasing, in contrast to the falling amounts seen on Bitcoin and Ether trading platforms. On November 10, more than $1.04 billion worth of Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI) were sent to various cryptocurrency exchanges.
This day will go down in history as the seventh-largest daily influx of stablecoins to exchanges. According to Glassnode, the current sum of $41.186 billion is an all-time high because of the significant increase in the number of stablecoins being added to exchanges.
As a consequence of market instability and risk-off attitude brought on by the FTX bankruptcy, the king of cryptocurrencies, Bitcoin, has fallen over 16% in seven days to trade at $16,707. Conversely, Ethereum, the second-most valued cryptocurrency, has fallen more than 15% in the previous week to trade at $1,253.
At the time of writing, the total volume in DeFi was $3.5 billion, or 6% of the whole 24-hour volume in the cryptocurrency market. Ninety-three percent of the whole 24-hour volume of the cryptocurrency market was made up of transactions using stablecoins, which totaled $63 billion.
