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26 January 2021

OKEx’s Trading Volumes and Tether Reserve Plunge on Possible User Exodus - CoinDesk

OKEx’s Trading Volumes and Tether Reserve Plunge on Possible User Exodus - CoinDesk


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A sharp drop in OKEx’s trading volume and stablecoin reserves – tether in particular – may reveal an ongoing exodus of its users, after the popular crypto derivatives exchange unexpectedly halted all crypto withdrawal activities for about five weeks.

Data from analytics service CryptoQuant shows that the amount of tether held in OKEx wallets have dropped to 6.69 million from 275.0 million between Nov.

The sudden and significant decline in tether in reserves on OKEx could indicate that users are transferring their stablecoins elsewhere – possibly to a different exchange or to their private cold wallets, according to analysts and traders who spoke with CoinDesk.

Nonetheless, data from blockchain analytics firm Glassnode also shows that a substantial amount of tether and other stablecoins have left the exchange in the past week.

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