Try Quests to earn SOLPrice comparison
Since November 6, the value of Ethereum and other top market tokens has sharply decreased.
The tokens in the graph to the right show that over the past 30 days, the return percent fell between 0.7% and 56% over the previous month.
The FTX events appear to be what caused the price of these tokens to decline.
When the market felt the impact of FTX's collapse, the price of Ethereum fell 33.17% (from $1640.96 on November 5 to $1.109.57 on November 22).
Following the news release, the price of ETH fell from a daily high of $1,574.80 on November 8 to a low of $1,073.29 on November 9 before climbing back up to trade at about $1,110 by November 22.
Swap transcations
In terms of bought, sold, and net swapped volumes of ETH, the graphs display the swap volume and show the cumulative state and number of swap transactions over time. As can be seen, the bankruptcy of FTX on November 7 had a significant effect on the price of ETH. As a result, on November 8, 9, and 10, the volume of ETH sold reached a new high and peaked at more than 20 million ETH as opposed to only 1.5 million ETH bought.
It is evident that there is a volume discrepancy between bought and sold ETH that is too great, resulting in a net exchanged volume of about 87.5 million sold out ETH.
Transfer Transactions
The images in this section provide an overview of Ethereum's transferring transactions. The impact of FTX's bankruptcy on transfer activities is very evident. As can be seen, on November 9, the maximum amount of ETH was transferred, and the transferred volume peaked at 9.1M ETH. The event's effects are seen in the transmitted volume's rapid growth. A significant amount of the more than 100 million ETH that has been transferred in the past month has been impacted by the closure of FTX. The transferred ETH has been attempted to be tracked in this area. 31.1% of that was transferred to CEX, while 34.4% went to dapps, so a sizeable portion was transferred to CEXes. The chart shows that the week of FTX's bankruptcy saw the greatest volume of transfers.
Transfers to Centralized exchanges (CEXes)
On centralized exchanges during the month of November, the daily inflow/outflow and net flow of ETH tokens are visible over time. As can be seen, the majority of days saw more outflows than inflows, which is favorable for the ETH token. Therefore, ETH token's favorable position on CEXs as opposed to DEXs may be the reason it hasn't lost more of its value. As we can see from the data above, ETH is in a better position in CEXs than DEXs because its net flow on CEXs in November was negative. This demonstrates that the majority of ETH tokens during the month of November were transferred outside of centralized exchanges, which is positive news as there is less chance that ETH will be sold inside CEXs.
Conclusion
Ethereum and other leading coins have dropped in value since November 6. The graph to the right shows that return percent fell between 0.7% and 56% over the past 30 days. FTX events may have triggered the tokens' price drop. Ethereum's price decreased 33.17% after FTX's collapse, from $1640.96 on November 5 to $1.109.57 on November 22. Following the news release, ETH's price plummeted from $1,574.80 on November 8 to $1,073.29 on November 9 before rebounding to $1,110 on November 22. The graphs show the swap volume and cumulative state and number of swap transactions over time for ETH bought, sold, and net exchanged. As witnessed, FTX's bankruptcy on November 7 affected ETH's price. On November 8, 9, and 10, the volume of ETH sold topped 20 million ETH, compared to 1.5 million ETH bought. The volume gap between bought and sold ETH is too large, resulting in 87.5 million sold out ETH. These graphics show Ethereum's transactions. FTX's bankruptcy has hampered transfer activities. On November 9, the most ETH was exchanged, 9.1M ETH. The incident increases broadcast volume quickly. FTX's closure has affected over 100 million ETH exchanged in the past month. This category tracks transferred ETH. 31.1% went to CEXs, while 34.4% went to dapps, meaning a large part went to CEXs. The week of FTX's bankruptcy witnessed the most transactions. Daily ETH inflow/outflow and net flow are observable on centralized exchanges in November. Most days witnessed more withdrawals than inflows, which is good for ETH. ETH token's good status on CEXs may be why it hasn't lost more value. As shown above, ETH is better off in CEXs than DEXs because its net flow was negative in November. This shows that most ETH tokens were transferred outside of centralized exchanges in November, which is good news because ETH is less likely to be sold inside CEXs.
I used the following dashboards to help me write this dashboard: 1 , 2 , 3
The FTX hack
The collapse of FTX, already one of the most spectacular disasters in financial history, worsened as hundreds of millions of dollars were drained from the cryptocurrency exchange hours after it filed for bankruptcy.
More than $600 million was siphoned from FTX's crypto wallets late Friday. Soon after, FTX stated in its official Telegram channel that it had been compromised, instructing users not to install any new upgrades and to delete all FTX apps.
"FTX has been hacked. FTX apps are malware. Delete them. Chat is open. Don't go on FTX site as it might download Trojans," wrote an account administrator in the FTX Support Telegram chat. The message was pinned by FTX General Counsel Ryne Miller.
Many FTX wallet holders reported $0 balances in their FTX.com and FTX US wallets. FTX’s API appeared to be down, which could account for this. According to on-chain data, various Ethereum tokens as well as Solana and Binance Smart Chain tokens exited FTX's official wallets and moved to decentralized exchanges like 1inch. Both FTX and FTX US appear to be affected.
The transfers occurred on the same day that the firm filed for Chapter 11 bankruptcy protection in the U.S. after apparently losing – or misappropriating – billions of dollars in user funds. Suspicions – which are conjecture at this point – circulated online about whether, rather than an outside attack, someone inside the company might've been responsible.
On Twitter, members of the cryptocurrency community quickly began to speculate that the outflows could have been coordinated by a member of Bankman-Fried's inner circle, pointing out that the simultaneous and sophisticated hacks of FTX and FTX US are indicative of a potential inside job. Twitter sleuth ZachXBT tweeted Friday night that "multiple former FTX employees confirmed to me that they do not recognize these transfers."
Around midnight Eastern time, FTX's login portal was unavailable (though the site was still online) giving users a 503 error when they attempted to log in. A 503 error happens when the server is unavailable, commonly because it's down for maintenance or unavailable for access.
