Cryptocurrency balances on centralized exchanges (CEXs) have fallen to their lowest levels since November 2018, according to CryptoQuant data.
The FTX fiasco sparked billions of dollars in outflows from exchanges. In the week from Nov. 6 to Nov. 13, users withdrew a net $3.7 billion worth of bitcoin and $2.5 billion worth of ether. More than $2 billion in stablecoins were also withdrawn from centralized exchanges.