Santiment: After the Binance security incident, the ETH supply on trading platforms declined in two stages, with only the first stage coinciding with the timing of the hacker's withdrawals.

BlockBeats news, November 3 - Santiment posted that since Binance suffered a hack, the ETH supply on trading platforms has declined in two stages, but only one of these stages coincides with the timing of the hacker's fund transfers. Data shows that as of the close on October 28, ETH held by trading platforms accounted for 3.56% of the total ETH supply; by the close on November 2, this proportion had dropped to 3.20%. More than half of the decline occurred on October 29, the day Binance suffered the hack.

TRM Labs data shows that approximately 200,630 ETH were transferred out of Binance hot wallets on October 29. However, the amount of ETH held by major trading platform addresses did not decline on October 29, but instead increased by approximately 39,000 ETH. Subsequently, from November 1 to November 2, as the platform reopened withdrawals, the holdings at relevant addresses decreased by approximately 313,000 ETH.

From October 28 to the close on November 2, the ETH held by major trading platform addresses cumulatively decreased by approximately 297,000 ETH, a decline of about 5.4%. Santiment stated that based on trading platform data alone, it is not yet possible to determine where these ETH ultimately flowed, nor whether they were transferred to cold wallets or to other trading platforms.