FTX collapse followed by an uptick in stablecoin inflows and DEX activity

On-chain data from Glassnode show Bitcoin’s movements hit a new record for the largest net decline in aggregate BTC balances on exchanges, reducing by 72,900 BTC in one week. In addition, 1.1 million ETH was withdrawn from exchanges over the last week.

However, stablecoin balances on exchanges are growing. Over $1.04 billion in USDT, USDC, BUSD and DAI moved to exchanges on Nov. 10. According to Glassnode, with the major influx of stablecoins to exchanges, the current $41.186 billion total is an all-time high.