Crypto investors leave exchanges at record rate

$1.5bn worth of bitcoin sold

Kathleen Gallagher
clock • 1 min read

Crypto investors pulled money at a record rate from exchanges last month (November) as the downfall of FTX and its contagion made them nervous.

According to data from CryptoCompare, investors pulled 91,557 bitcoin, worth almost $1.5bn based on the November average price of $16,400, from exchanges including Binance, Kraken and Coinbase. This is the largest outflows in history, according to the company. October also saw significant outflows at about 75,000 which was preceded by months of inflows or only minor outflows. The report stated it anticipates to see more outflows in coming months. "It is likely that we will see a continuation of this trend as the ‘not your keys, not your coins' narrative takes over crypto markets," it ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Currencies

Jon Cunliffe (pictured), is deputy governor of financial stability at the BAnk of England, a post he will leave at the end of October 2023 after ten years.

BoE's Jon Cunliffe: Digital pound likely needed by 'end of the decade'

Concerns around privacy remain

Cristian Angeloni
clock 27 October 2023 • 3 min read
Four Graphs explaining currencies

Four Graphs explaining currencies

Four experts write

clock 25 October 2023 • 2 min read
'Absent an alternative, the dollar’s dominance should persist for the foreseeable future, along with a gradual erosion of trust in its safety without significant changes,' said Michael Kelly, global head of multi-asset at PineBridge Investments.

Deep Dive: US dollar dominance remains despite 'loss of trust'

Currency risk a ‘zero-sum game’

James Baxter-Derrington
clock 11 August 2023 • 5 min read
Trustpilot