Introduction

• FTX and FTT may cause one the other big crash in the Market. This week, There were some rumors on the FTX exchange and Binance. Rumors come true when FTT token prices, the native token of the FTX exchange dropped more than 70%. Due to that, All other tokens in the crypto world dropped.
• In this analysis, You will read about inflows and outflows from and to FTX/Alameda addresses. I analyzed the net, Inflow, and outflow of Top tokens based on transactions and volume.
• Previously, I analyzed only Stablecoins Inflow and Outflow To FTX which you can read here.

Analyzed by Hess - Reading Time Almost 8 Min.

Hourly Inflow and Outflow

• As you have seen, between November 6 and November 8, The highest number of transactions and volume happened.

  When CZ Binance confirmed that they removed 23M FTT tokens to Binance by tweet on November 6 at 22 PM (Local Time), The hourly inflow and outflow volume from and to the FTX exchange increased.

• In less than 2 hours, Users transferred 241M US dollars out of FTX in one hour. Until November 8 at 6 AM (Local Time), the withdrawal volume was high. After that decreased again.

Top Tokens

• Based on transactions, USDC had the highest number of Outflow transactions and USDT had the highest number of Inflow transactions. All top 3 outflow tokens were stablecoins in the last 7 days. But based on Inflow transactions, The third place is not stablecoins and it’s FTX exchange native token called FTT.

• Based on Volume, USDC had the highest inflow and outflow volume in comparison to other tokens. FTT token is another top inflow and outflow token but what is interesting is that the Inflow volume of FTT was 367M US dollars while the outflow volume of FTT was 475M US dollars. Maybe users found a better place to swap their FTT tokens.

Volume

Inflow:

• The daily Inflow Volume increased since 6 November from 0.5B US dollars Up to 2B US dollars. USDC with 1B US dollars had the highest volume of Inflow tokens on November 7. After that, The FTX token with 270M US dollars had the second-highest volume in Comparision to other tokens.

Outflow:

• The outflow of USDC on November 7 was like the inflow. About 1B USDC was transferred out of FTX. Following that, USDT with 447M US dollars, and BUSD with 245M US dollars was in the next places.

Transactions

Inflow:

• It is normal that inflow transactions didn’t change too much over the last 7 days. The only difference in Inflow transactions is the FTX token. The inflow shares show that FTX token shares increased up to 22%. Other tokens had the same shares as the normal days.

Outflow:

• The daily share of transactions per symbol changed a little since November 6. Stablecoins had the highest shares in comparison to other tokens. It seems users transferred their FTX tokens to the FTX exchange and swapped their tokens to Stablecoins and transferred them out of the FTX.

• Overall, In the last 7 days, The total number of Inflow transactions was 11.5K, and the total number of outflows was 43K transactions. The total inflow Volume is 3.7B US dollars and the total outflow volume is 4B US dollars. The share of Inflow volume is 47.8% and the outflow volume is 52.2%.

What Happened on FTX?

• The world’s largest crypto exchange, Binance, has walked away from a deal to acquire its troubled archrival, FTX, leaving the smaller company on the brink of collapse after a surge of withdrawals. Led by Sam Bankman-Fried, one of the crypto industry’s most well-regarded figures, FTX was until recently thought to be in fine shape. In January, the company raised $400 million from Softbank and others to reach a $32 billion valuation, and only last month it was talking about ambitious acquisition plans of its own. But yesterday FTX suddenly suspended customer withdrawals (a precursor to many a crypto collapse), and the CEO of Binance, Changpeng Zhao, who goes by CZ, announced on Twitter that FTX had “asked for our help” and a rescue deal had been reached. In his own thread, Bankman-Fried said that customers’ money was now safe and withdrawals would be processed in time. “A huge thank you to CZ, Binance, and all of our supporters,” he wrote. “CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem, and creating a freer economic world.” After a year in which trust in crypto companies has already been torn to shreds by the collapse of hedge fund Three Arrows Capital, lender Celsius, and the Terra-Luna stablecoin, another high-profile failure was the last thing the industry needed. FTX seemed to have squeaked through its own crisis. Advertisement But today Binance tweeted that the deal was off, citing the results of corporate due diligence and news reports of mishandling of customer funds at FTX

Full Analysis

What is FTX Exchange?

FTX Exchange is a leading centralized cryptocurrency exchange specializing in derivatives and leveraged products. Founded in 2018 by MIT graduate and former Jane Street Capital international exchange-traded funds trader Sam Bankman-Fried, FTX offers a range of trading products, including derivatives, options, volatility products, and leveraged tokens. It also provides spot markets in over 300 cryptocurrency trading pairs such as BTC/USDT, ETH/USDT, XRP/USDT, and its native token FTT/USDT. Bahamas-based FTX and its FTX US affiliate have overlapping management teams but separate capital structures. U.S. residents can only trade through FTX US.

Inflow and Outflow Per Symbol

Users

• The total number of Inflow Users before the news was normal like on other days. But the total number of Outflow users since November 6 increased significantly. I filtered charts based on the top tokens that users transferred most. USDT, USDC, and FTX tokens had the highest number of inflow users, and USDC, USDT, and BUSD had the highest number of outflow users.
• There were some tokens that had lower users but On November 7 so many users transferred from FTX. Like Sushi, Mana, Fantom, and DYDX. It is interesting because FTX stopped the withdraws from FTX but On November 9 WBTC and November 10 USDT transferred from FTX and vice versa.

THANK YOU FOR READING!

ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

:bird: Twitter: @hessaminanloo

:flying_disc: Discord: hess#0890

:calendar: Analyze Date: 2022/NOV/09

Conclusion

• Everyone is talking about New Luna and the UST crash. Obviously, There was something behind the scene and nobody knows right now But based on chain-data, The net volume of some tokens were negative. This happens to every exchange and every day but Binance Tweet and FTT token crash caused All users removed their assets from FTX.