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10 Charts Reviewing FTX's Liquidity Crisis

Ignas

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A $10 billion liquidity crisis triggered by a one-page report.

Original author: Ignas | DeFi Research

Original compilation: Peter Pan@BlockBeats

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Two days ago, FTX CEO SBF issued a document stating that everything is normal for FTX and the funds are safe enough to cover all customer assets . Two days later, due to the huge liquidity crisis, SBF had to announce that FTX had reached an agreement with Binance on a strategic investment transaction.

What happened to FTX, DeFi researcher Ignas reviewed the recent flow of FTX through 10 pictures Sexual crisis, BlockBeats translates as follows:

1) CryptoQuant data shows that since October 20th, , withdrew $708 million in stablecoins from FTX. Currently, only $170 million remains in FTX reserves.

2) Nansen Stablecoin Master data shows that FTX's current stablecoin balance is $116 million. Over the past 7 days, $200 million in stablecoins left the exchange, but interestingly, it’s still less than KuCoin’s outflow. (What happened to KuCoin?)

3) According to data from CryptoQuant, FTX's ETH reserves have dropped significantly. Currently, there are 114k ETH ($151 million) in FTX wallets.

4) According to flipsidecrypto data, most of the cryptocurrencies proposed from FTX flowed to Binance, accounting for 60.6% of the withdrawal flow, followed by It is Coinbase (13.4%). Overall, 90.3% of cryptocurrencies still flow to CEX.

5) According to Nansen data, Alameda / FTX has a net worth of $151 million for all EVM chains. The specific asset distribution is as follows:

• USDC - $75M

• BIT - $34M

• WBTC - $10M

• xSUSHI - $6M

• SRM - $3.6M

6) According to Nansen data, by observing the change of Gas fee consumption share You can clearly see when FTX has stopped withdrawals. On November 7th, FTX was one of the largest gas consumers that day, but on the night of the 8th to 9th, FTX’s gas consumption almost disappeared.

7) Market panic led to frequent activities on the chain, and the Gas fee of Ethereum once soared to 600 gwei. Had Ethereum not switched to PoS, $ETH supply would have increased by 649k ETH ($860M).

8) Coinglass data, as asset prices plummeted, crypto long liquidations totaled $679 million. Binance liquidated $228 million in longs and FTX liquidated $130 million. OKX users also suffered a long-term liquidation of $117 million.

9) $FTT suffered its biggest drop in the past 7 days: -78.4%, from $25 to $5.4. Currently, its market cap is only $746 million.

10) According to Coindesk's research on FTX's solvency, a report reviewed by CoinDesk shows that Alameda's total assets are $14.6B, Among them, "unlocked FTT" is $3.66B. Other assets include $3.37B in cryptocurrencies: SOL, SRM, MAPS, OXY, and FIDA.