On-chain Weekly · Issue 2: October 26–November 1
Last week, I left two questions open: could stablecoins stop falling, and would the extra 7,557 BTC on exchanges be withdrawn?
This week’s numbers:
U.S. spot BTC ETFs saw net outflows of about $200 million
Total stablecoin supply fell by another roughly $3.76 billion
Exchange BTC balances fell by 21,277 BTC
The second answer needs some unpacking 👇
1/ ETFs: Four days of inflows, wiped out in one
October 26: +$110 million
October 27: +$176 million
October 28: +$137 million
October 29: +$17 million
October 30: −$643 million
The first four days brought in about $440 million. On the first trading day after the Binance incident, $643 million flowed out—the biggest single-day outflow since June 25. October saw total net outflows of $516 million.
2/ Stablecoins and exchange balances
Total stablecoin supply fell from $302.28 billion on October 26 to $298.52 billion on November 1, dropping below $300 billion on October 30.
Exchange BTC balances closed at 2.666 million BTC on October 30, down 21,277 BTC from October 25. But 22,941 BTC left in a single day on October 29 (UTC)—the day the Binance incident happened. The other four days actually saw an increase of 1,664 BTC.
3/ My take
Stablecoins haven’t turned the corner; they’re still declining. Exchange balances look lower, but almost the entire drop happened on October 29. It’s not yet clear how much of those 23,000 BTC was transferred elsewhere versus withdrawn by users.
Next week, I’ll be watching the first week after withdrawals return to normal: if exchange balances climb back above 2.68 million BTC, this week’s “decline” shouldn’t count as funds leaving.
#BTC #ETF #Stablecoins
Last week, I left two questions open: could stablecoins stop falling, and would the extra 7,557 BTC on exchanges be withdrawn?
This week’s numbers:
U.S. spot BTC ETFs saw net outflows of about $200 million
Total stablecoin supply fell by another roughly $3.76 billion
Exchange BTC balances fell by 21,277 BTC
The second answer needs some unpacking 👇
1/ ETFs: Four days of inflows, wiped out in one
October 26: +$110 million
October 27: +$176 million
October 28: +$137 million
October 29: +$17 million
October 30: −$643 million
The first four days brought in about $440 million. On the first trading day after the Binance incident, $643 million flowed out—the biggest single-day outflow since June 25. October saw total net outflows of $516 million.
2/ Stablecoins and exchange balances
Total stablecoin supply fell from $302.28 billion on October 26 to $298.52 billion on November 1, dropping below $300 billion on October 30.
Exchange BTC balances closed at 2.666 million BTC on October 30, down 21,277 BTC from October 25. But 22,941 BTC left in a single day on October 29 (UTC)—the day the Binance incident happened. The other four days actually saw an increase of 1,664 BTC.
3/ My take
Stablecoins haven’t turned the corner; they’re still declining. Exchange balances look lower, but almost the entire drop happened on October 29. It’s not yet clear how much of those 23,000 BTC was transferred elsewhere versus withdrawn by users.
Next week, I’ll be watching the first week after withdrawals return to normal: if exchange balances climb back above 2.68 million BTC, this week’s “decline” shouldn’t count as funds leaving.
#BTC #ETF #Stablecoins
