The recent dispute between two of the largest cryptocurrency exchanges in the world has severely impacted FTX’s Bitcoin balance.
The market has become apprehensive about FTX’s liquidity since the dispute commenced.
FTX saw a significant stablecoin liquidation, with $451 million transferred off its main platform in the previous week and $15 million withdrawn from its US subsidiary.
The exchange now has a balance of $59.2 million USDC, $28.5 million USDT, and $8.6 million BUSD.
In addition, FTX now has the lowest balance of any exchange tracked by Coinglass, with -197.95 BTC. Poloniex comes in second with 127.14 BTC, while Coinbase Pro and Binance have 573,452 and 514,868 BTC, respectively.
In all, 17,579 BTC were exchanged in the previous 24 hours. Binance, which had an influx of 16,792 BTC, was the largest outlier, followed by Bitfinex, Gemini, and Huobi, all of which saw over 3,000 BTC migrate onto their platforms.
BTC Liquidation
Ever since the announcement of Binance’s shortening of FTT, FTX saw a serious decline in its BTC balance. Reports indicate that over 26,000 BTC got liquidated from the exchange in the previous days.
Glassnode recently reported that the Bitcoin balance of the world’s seventh-largest cryptocurrency exchange just reached negative numbers.
A negative BTC balance on FTX may indicate that the exchange’s Bitcoin assets are unsustainable.
On November 6, FTX CEO Sam Bankman-Fried declared that FTX remains strong, despite the liquidation of assets.
FTT Token On the Downfall
Since the hit on Bankman-Friedman’s exchange, the FTT token is crashing rapidly as we speak.
The token has fallen by over 20% over the past couple of weeks.
According to statistics gathered by Finbold on November 20, the market valuation of FTT fell from $2.99 billion to $2.36 billion in 24 hours, while the price of FTX’s token fell by more than 20% within the same period.
This means that, according to the most recent CoinMarketCap chart, the native token of Sam Bankman-Fried’s trading platform has lost over $630 million from its market value in a single day, bleeding it by 21.07%.
