Key points: 

• Glassnode shows that CEXs are shedding 72,900 BTC in a week. 
• 1.1 million ETH was withdrawn from exchanges last week. 
• Stablecoin balances on exchanges remain net positive, meaning their balances are growing.
• The record low hash price caused miners to sell about 7.76 million bitcoins.
• Compared to BTC, the price of a basket of DEX tokens went up 24%, while the CEX tokens basket price fell by 2%. 

On-chain data from Glassnode shows that Bitcoin’s movement set a new record for the largest net decline in total BTC balances on exchanges, shedding 72,900 BTC in a week.

Similar moves took place in April 2020, November 2020, and June 2022, with the current outflow leaving around 2.25 million BTC on exchanges.

Swap Exodus for Ether, but not a stablecoin

While Ether did not experience the highest outflows from exchanges, 1.1 million ETH was withdrawn from exchanges last week. According to Glassnode, it was the largest 30-day drop in foreign exchange balances since the decentralized finance (DeFi) summer of the same year in September 2020.

In contrast to the decline in Bitcoin and Ether balances on exchanges, stablecoin balances on exchanges remain net positive, meaning their balances are growing. Over $1.04 Billion in Tether USDT, USD Coin, Binance USD (BUSD), and Dai were listed on November 10. This marks the seventh-largest stablecoin inflow to the exchange on Nov. 10.

The current total stands at $41.186 billion, an all-time high gave the influx of stablecoins into exchanges, according to data from Glassnode.

Bitcoin miners for resale

Bitcoin miners are still under intense pressure, with data showing hash prices at historically low levels. The record low hash price caused miners to sell about 9.5% of their funds or about 7.76 million bitcoins. The sell-off marked the largest monthly drop in miner balances since September 2018.

Decentralized and centralized altcoin performance

Delphi Digital used asset baskets to analyze the performance between a decentralized exchange (DEX) and centralized exchange (CEX) tokens and found that when comparing basket prices to BTC, the DEX basket was up 24%, while the CEX basket fell by 2%.

Generally speaking, on-chain activity correlates with broader Bitcoin, Ethereum, and altcoin market sentiment, with the current FTX turmoil exacerbating historical transaction churn and CEX token underperformance. One likely trend emerging from the current chaos is the steady growth of self-custodial cryptocurrencies and the increased use of DEXs.