In the shadow of concerns about FTX’s financial condition, investors en masse Bitcoin (BTC) pulling cryptocurrency reduced the balance of its stock market to almost zero.
Data from Coinglass showed that FTX only had 25 Bitcoin balances at the time of this writing. This balance was about 20,000 during the past month, up to 24 hours ago.
Although it is not one hundred percent certain whether FTX has so few BTC reserves, the situation we are in confirms these data.
Largest Bitcoin Assets Found in Coinbase Pro and Binance’s Vaults
According to data from Coinglass, the total Bitcoin balance across all exchanges has dropped slightly over the past 24 hours to just over 2 million. The two largest asset holders are Coinbase Pro and Binance, each with over 500,000 coins.
Binance, the world’s largest cryptocurrency exchange, has a total of approximately 520,000 BTC, while Coinbase Pro, which has the most BTC in its vault, has approximately 567,000 BTC assets.
The main factor in the decrease of Bitcoins in FTX’s vault was that Binance CEO Changpeng Zhao announced that he would sell his FTT tokens.
Binance’s investments in FTX had a total of $2.1 billion in BUSD and FTT tokens as stocks.
After Changpeng Zhao’s statement, the withdrawals made by users from the FTX cryptocurrency exchange increased. As FTX CEO Sam Bankman-Fried revealed in a message to his employees, the company has effectively stopped user cryptocurrency withdrawals.
It was also announced by the CEO of the company on Twitter that Binance signed a non-binding agreement to completely acquire FTX. The FTT token is trading at approximately $7 at the time of this writing.
*Not investment advice.
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