These Four Key Charts Shed Light on the FTX Exchange’s Spectacular Collapse

Speculation surrounding Sam Bankman Fried’s crypto exchange FTX grew so intense that the firm agreed to sell itself to bigger rival Binance. Blockchain data offers a fresh perspective on FTX’s liquidity crunch, illustrating how the drama escalated so quickly.

Top 10 FTX withdrawers for all wallets

Understanding the volatility stemming from the FTX drama continues with stablecoin outflows. According to Nansen data, in the past seven days starting on Monday Nov. 7, FTX led all exchanges in stablecoin outflows. Some $451 million worth of stablecoins have left FTX, more than the combined outflows of KuCoin, Crypto.com and OKX.

Specifically, FTX’s holdings of USDC and USDT have nosedived dramatically. Between Friday, Nov. 4 and Tuesday, Nov. 8, Nansen data states that FTX’s USDC holdings dropped about $137 million, roughly 84%, while its USDT holdings dropped from $198 million to $68 million.

According to CryptoQuant, FTX’s stablecoin reserve stands at roughly $156 million currently, down more than 78% since Oct. 24.

FTX’s stablecoin reserve is at its lowest levels in a year. Some market participants have been concerned because one of the initial signs that foreshadowed the collapse of Terra Luna was when UST deposits on the Anchor lending protocol started dropping rapidly.

Top 10 “smart money” FTX withdrawers

The chart above shows the daily price and volume of the FTX exchange’s FTT token, which grants holders a discount on trading fees on the FTX marketplace. Following CoinDesk’s disclosure on Nov. 2, FTT recently slid roughly 79%, with its volume jumping dramatically.

The data in the chart only cover volume on the FTX exchange, so it may not cover the entire FTT trading volume across all exchanges. The chart shows that the recent revelations triggered a flurry of interest in the token and that the drop in FTT was accompanied by significant price discovery.

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