crypto market: More than half of all Bitcoin addresses are now in the red.🔻
Countless others got burned when several major crypto lenders such as Celsius and Voyager Digital went under — adding to a growing sense that winning back the trust of retail investors could be a long process.Another interesting piece of data from IntoTheBlock's research is that it shows that about 30% more funds are flowing into centralized exchanges that are coming out — roughly $6.1 billion to $4.3 billion over the past seven days.
Which is another piece of evidence that the narrative that retail buyers are streaming out of centralized exchanges for DeFi's decentralized exchanges and to personally held cold wallets doesn't hold up."Where are those funds going when they leave centralized exchanges? Mostly to other centralized exchanges."
And the numbers still bear that out. Over the last seven days exchanges are up more than 62,000 BTC — although most of the inflow was to Binance. In addition an outsize share of the outflow was from Gemini, whose customers just saw funds invested with crypto lender Genesis through the Gemini Earn program frozen while it tries to avoid bankruptcy.Related Articles
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