KuCoin, a prominent crypto exchange, has recently recorded an enormous outflow of nearly $118M in September. In comparison with the previous month, the outflows seen in September were huge as the platform’s proof of reserves disclosed. The crypto exchange has reportedly witnessed a considerable decline in its holdings in Tether (USDT), Ethereum (ETH), and Bitcoin (BTC).
KuCoin’s Net Outflows in September Surpass Those Witnessed in the Previous Month
In this respect, the developments that took place in September did not have a positive impact on KuCoin. On the other hand, in comparison with the last month, the crypto exchange reportedly recorded an outflow of up to $118M. Along with this, the exchange went through a failure in prominent crypto stocks. DefiLlama’s statistics revealed that the respective figure denotes the net outflow that the crypto exchange saw in the last month.
The cause of this dip in the crypto exchange’s volume may be the decline in the consumers’ confidence. The clients reportedly have some issues with the evolving regulatory landscape and the conditions of the crypto market. Apart from KuCoin, the well-known crypto exchange Binance also seems to have gone through an extensive outflow last month.
Kucoin released the latest (9-29) asset reserve certificate. The user's BTC assets were 17,617.5, a decrease of 4% from the last time (8-31); the user's ETH assets were 148,125, a decrease of 3%; the user's USDT assets were 837 million, 4% lower than last time.…— Wu Blockchain (@WuBlockchain) October 1, 2023
Tether, Ethereum, and Bitcoin Reserves of the Crypto Exchange Experience Substantial Dips
The respective outflow had a worth of approximately $800M. On the contrary, the crypto exchanges named ByBit and Crypto.com remained effective in enhancing their performance. Hence, they saw considerable monthly inflows. Both of them witnessed the elevation of $138M and $40M respectively.
KuCoin released its recent proof of reserves on the 29th of September, showing massive declines. Additionally, the BTC holdings of KuCoin plunged by four percent (more than 17,600 Bitcoin) in September. Tether and Ethereum are also experiencing dips in reserves. Ethereum saw a three percent decline (up to 148,000 ETH) while USDT witnessed a 4% decline (almost $837M).
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