one of the top cryptocurrency exchanges just made public its most recent asset reserve certificate, which is dated September 29. According to the research, user assets for Tether, Ethereum, and Bitcoin have significantly decreased. In particular, compared to the statistics from the previous month, assets declined by 4% to 17,617.5, 3% to 148,125 for ETH, and 4% to 837 million for USDT.
KuCoin has had a net outflow of almost $118 million over the last month, according to DefiLlama. The magnitude of this outflow justifies a thorough examination of the prevailing market conditions that may be driving these moves.
$116 million was lost by a major exchange in ETH, Bitcoin, and USDT.,$116 million was lost by a major exchange in ETH, Bitcoin, and USDT
There are a number of possible causes for this pattern. First, there has been a lot of volatility and uncertainty in the market as a whole, which frequently prompts investors to shift their holdings to places they believe to be safer.
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Second, more nations are strengthening their control over cryptocurrency exchanges, which is making the regulatory environment more complicated. This may have caused users of KuCoin to lose faith in the platform, which would have caused them to give up.
The emergence of (DeFi) platforms, which provide profitable yield farming and staking opportunities, is another option. In an attempt to increase their earnings, investors may be reallocating their assets to these platforms and decreasing their holdings on centralised exchanges like as KuCoin.
The FTX exploiter traded approximately $17 million in ETH.
It’s important to take the effect of competition into account. Users now have more options than ever and could be investigating these alternatives as new exchanges and trading platforms join the market, providing reduced costs and other functionality.
$116 million was lost by a major exchange in ETH, Bitcoin, and USDT.,$116 million was lost by a major exchange in ETH, Bitcoin, and USDT.,$116 million was lost by a major exchange in ETH, Bitcoin, and USDT.