It is now 3 months in a row that trading platforms have been victims of major capital flight. During this time, users have withdrawn 3 million ETH from the centralized exchange platforms.
762,000 ETH in one month
The year 2020 was particularly turbulent for centralized exchange platforms. Indeed, they had to face the DeFi wave and more particularly the rise of decentralized exchange platforms.
While the number of BTCs held by the CeFi has not stopped falling since January 2020, a similar phenomenon has been noticed on the ETH side.
Thus, since August 2020 it is the total tumble. In the space of 3 months, the exchange platforms have witnessed the leakage of 3 million ETH tokens.
In the last month, 762,000 ETH were removed from the exchanges. This phenomenon has accelerated since the beginning of November, with 535,000 ETH leaking out in the space of 6 days.
The announcement of Ethereum 2.0: catalyst for the withdrawals?
Various phenomena can explain this trend. First of all, it is easy to point the finger at the DeFi, which has undoubtedly vampirized part of the capital deposited on the decentralized exchange platforms.
However, the eminent arrival of Ethereum 2.0 has also played an important role in capital flight. Indeed, the deployment of the Ethereum 2.0 deposit contract was announced on November 4th.
Following the announcement, Binance saw 195,000 ETH disappear from its platform within hours.
During this time, the Ethereum 2.0 deposit agreement is seeing a flood of transactions containing the 32 ETH required to take part in the transaction validation process.
At the time of writing, 34,200 ETH have been deposited on the contract, representing a total amount of $14.7 million.
This may well continue to accelerate as the deposit contract is fulfilled and Ethereum 2.0 approaches an official launch. However, the CeFi's platforms are doing their utmost to repatriate the funds by constantly offering new services.
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