Since November 5th, 2022, more than $19.9 billion worth of crypto assets have been removed from centralized crypto exchanges in the form of Bitcoin, Ethereum, and stablecoins.
From November 5th to December 26th, crypto exchanges all over the world saw withdrawals of about 4.48 million Ether and 356,848 bitcoin tokens.
Since the collapse of the FTX crypto exchange back in November, the amount of bitcoin and Ethereum withdrawn from exchanges has increased significantly.
According to the latest statistics, about 356,848 bitcoins have been withdrawn from crypto exchanges in the last 51 days, which were valued at about $6.02 billion.
This is the largest amount of bitcoin and Ethereum withdrawals to have been recorded in a two-month span this year.
Data from cryptoquant.com on December 26th showed that centralized exchanges currently have about 2,151,925 BTC tokens.
51 days before that, the total number of BTC tokens available on crypto trading platforms was about 2,508,773 bitcoins.
Likewise, centralized exchanges had held a total of 22,258,626 ether tokens 51 days earlier, but they have now come down to 18,045,150 ETH, which is a fall of 4.48 million tokens.
Using the exchange rates for BTC and ETH, it shows that the total value of tokens that were withdrawn from crypto exchanges was about $11.53 billion.
Other than Bitcoin and Ethereum, the last 51 days also saw an increase in the number of stablecoin withdrawals.
Just days before the collapse of the FTX exchange, the total value of stablecoins, such as USDT and USDC, which were held on various platforms and exchanges was about $35.20 billion.
However, since then, withdrawals worth $7.669 billion have been made in the form of stablecoin assets. Since December 20th, there has been a slowdown in withdrawals and there has been an increase in bitcoin deposits.
According to onchain statistics, the bitcoin exchange outflows also dropped to the lowest levels that had been last seen this year in June.
On December 20th, there had also been a slowdown in Ethereum withdrawals, but there has not been any change in stablecoin withdrawals.
Given that there has been a significant number of withdrawals taking place from crypto exchanges in about two months, it is not surprising that the value of the crypto economy has also taken a hit.
Statistics show that on November 5th, 2022, the total value of the crypto economy was around $1.06 trillion, but it has now dropped to $815.56 billion, which is a decline of $246 billion.
The price of Bitcoin per unit 51 days ago was around $21,351.98 and $1.649.88 was the price of a single Ethereum token.
It should be noted that it is not just Bitcoin, Ethereum, and stablecoins that saw their withdrawals increase in the last two months.
Some of the other crypto assets in the top-ten lists have also seen a rise in withdrawals, including DOGE, XRP, BNB, and ADA, and this also began on November 5th, after the implosion of FTX.