FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. We strive to develop a platform robust enough for professional trading firms and intuitive enough for first-time users [1].

Alameda Research is a leading principal trading firm, working as a quantitative cryptocurrency trading firm that provides liquidity in cryptocurrency and digital assets markets [2].

The Alameda Research have tried to buy the FTT tokens available on Binance but Binance CEO Changpeng Zhao (CZ) isn’t interested in selling his company’s FTX Tokens in an OTC deal with Alameda [3]. 

The intention of this dashboard is to analyze what Alameda is experiencing. Rumors over the weekend began swirling that Alameda Research is on the brink of insolvency.

\n Thus, we are gonna analyze the net inflows and outflows of USD stablecoins from known Alameda or FTX accounts throughout different chains: Ethereum and Solana.

• Inflows and outflows over the past week
• Netflow and cumulative netflow over the past week
• Stablecoins netflow
• Inflows, outflows and netflow by stablecoin

Ethereum chain analysis

If we take a look specifically at the cumulative netflow over the past week by stablecoins, we can see that the major movements on Ethereum have been for BUSD, USDC and USDT.

In the case of USDT, the netflow has been positive, being deposited around 650M and removed less than 400M. In contrast, the USDC and BUSD volumes have been negative, being removed 100M in USDC and 86M in BUSD.

For the rest of stablecoins (DAI and TUSD) the volumes were lower. In the case of DAI, similar values were sent in and out, while for TUSD more volume has been removed, reaching a negative netflow of 33M.

Finally, taking into account both, the platform and the stablecoin, we can see how the while the major of the platforms registered similar distribution of tokens in and out, in the case of the Binance and Coinbase the numbers were different.

In the case of Binance, more USDT were deposited than removed while USDC and BUSD have been clearly removed. On the other hand, on Coinbase, more USDC and USDT were deposited than removed but in terms of volume sent out, a higher difference has been observed between these two stablecoins, having USDC higher volume in comparison to USDT.

In the image on the right side, it can be clearly seen how the major of the volume have been sent out from Binance.

Solana chain analysis

Regarding the Alameda/FTX movements on Solana chain, we can see how there are activities on a few number of platforms in comparison to Ethereum. If we take a look at the difference between the inflows and outflows, we can see how in this case, the volumes are similar. The primary exchanges used have been FTX, Coinbase and Kraken in this case.

Regarding the netflow volume, we can see that the most important days were November 6th and 7th, when more than 5M in both cases in stablecoins were sent out from Kraken and Coinbase. The rest of the platforms registered negative volumes as well. Apart from that day, the major of the other November days have been positive. Then, it seems that the bad movements started two days ago in Solana.

The cumulative netflow since the start of this month has been negative on Coinbase, and positive on Gate.io, while for the rest has been started to be negative two days ago. On Coinbase and Kraken, more than 4M were sent out and in Huobi more than 1.7M in stablecoins. In FTX remained similar and in Gate.io so positive.

If we take a look specifically at the cumulative netflow over the past week by stablecoins, we can see that the major movements on Solana have been for USDC and USDT.

In the case of USDT, the netflow has been positive, being deposited around 96M and removed less than 80M. In contrast, the USDC volume has been negative, being removed 637M in USDC and deposited 627M.

Finally, taking into account both, the platform and the stablecoin, we can see how the while the major of the platforms registered similar distribution of tokens in and out, in the case of the Gate.io and Coinbase the numbers were different. Kraken and Huobi have also registered different volumes in and out on each stablecoin.

In the case of Gate.io, more USDT and USDC were deposited than removed. On the other hand, on Coinbase, more USDC were removed. In Huobi and Kraken something similar has been occurred. Only USDC has been removed from the platforms. From FTX, the movements are neglegibles.

• The inflows and outflows on Ethereum chain are higher in the second part rather than in the first one, saying as that there are more volume going out than in for Alameda/FTX. The primary exchanges used are Binance and Coinbase.
• The most important day was the November 1st, when almost 200M in stablecoins were sent out from Binance. The rest of the platforms registered negative volumes as well. Apart from that day, the major of the other November days have been negative.
• The cumulative netflow since the start of this month has been negative on Binance, and positive on Coinbase, while for the rest has been practically equal. On Binance, around 100M in stablecoin were sent out in cumulative numbers while on Coinbase more than 100M in stablecoins were received.
• Then, it seems that Alameda/FTX movements have been practically from Binance to Coinbase.
• While the major of the platforms registered similar distribution of tokens in and out on Ethereum, in the case of the Binance and Coinbase the numbers were different.
• In the case of Binance, more USDT were deposited than removed while USDC and BUSD have been clearly removed. On the other hand, on Coinbase, more USDC and USDT were deposited than removed but in terms of volume sent out, a higher difference has been observed between these two stablecoins, having USDC higher volume in comparison to USDT.
• Regarding the Alameda/FTX movements on Solana chain, we can see how there are activities on a few number of platforms in comparison to Ethereum. If we take a look at the difference between the inflows and outflows, we can see how in this case, the volumes are similar. The primary exchanges used have been FTX, Coinbase and Kraken in this case.
• Regarding the netflow volume, we can see that the most important days were November 6th and 7th, when more than 5M in both cases in stablecoins were sent out from Kraken and Coinbase. The rest of the platforms registered negative volumes as well.
• The cumulative netflow since the start of this month has been negative on Coinbase, and positive on Gate.io, while for the rest has been started to be negative two days ago. On Coinbase and Kraken, more than 4M were sent out and in Huobi more than 1.7M in stablecoins. In FTX remained similar and in Gate.io so positive.
• In the case of Gate.io, more USDT and USDC were deposited than removed. On the other hand, on Coinbase, more USDC were removed. In Huobi and Kraken something similar has been occurred. Only USDC has been removed from the platforms. From FTX, the movements are neglegibles.

Overview

Methodology

Key insights

Regarding the Alameda/FTX movements on Ethereum chain, we can see how there are activities on several platforms. If we take a look at the difference between the inflows and outflows, we can see how the axes are higher in the second part rather than in the first one, saying as that there are more volume going out than in for Alameda/FTX. The primary exchanges used are Binance and Coinbase.

Regarding the netflow volume, we can see that the most important day was the November 1st, when almost 200M in stablecoins were sent out from Binance. The rest of the platforms registered negative volumes as well. Apart from that day, the major of the other November days have been negative. In fact, yesterday more than 20M in stablecoin were sent out as a netflow from Binance.

The cumulative netflow since the start of this month has been negative on Binance, and positive on Coinbase, while for the rest has been practically equal. On Binance, around 100M in stablecoin were sent out in cumulative numbers while on Coinbase more than 100M in stablecoins were received. Then, it seems that Alameda/FTX movements have been practically from Binance to Coinbase.