This week has become a very big and historic one in the crypto ecosystem as the markets have been in constant free fall.

High-yielding tokens earlier in the month are now seeing their prices drop and valuations stall as the FTX implosion has sent a ripple effect far and wide across the market.

With the cloud of uncertainty hanging over the future of the FTX Derivatives Exchange and the companies that may have exposure to it, investors have chosen not to be in the spotlight by withdrawing their funds from trading platforms across the globe. scopes.

According to According to data from crypto analytics platform Nansen, more than $1 billion worth of Ethereum had been drained from exchanges in the last 24 hours. Withdrawals also included other top altcoins, including the top three stablecoins USDT, USDC, and BUSD, as well as wETH It appears as the top 5 assets that are moving off of trading platforms.

Investors in the Web3.0 ecosystem are panicking over the fall of FTX and the chances of the trading platform being stranded if the proposed acquisition by Binance ultimately doesn’t go through.

In an attempt to avoid scenarios similar to those recorded in the case of lending platforms such as Voyager Digital and Celsius Network filing for bankruptcy by blocking investor funds to date, many merchants have taken the initiative to withdraw their funds in a wallet they control.

Should the crypto industry tip into a second crypto winter, investors will want to have better control of the losses they incur this time around. With the industry’s market capitalization now below $900bn, investors are choosing to hold their funds in stablecoins, leading to easy liquidations if their preferred platform is hit by the current bank run most investors are facing. exchanges at this time.

At the time of writing, Bitcoin is down 10.46% at $17,350.39, while Ethereum is changing hands at $1,188.04, after falling 17.52% in the last 24 hours.

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