A report of the top 10 centralized exchanges (CEX) by asset value revealed that 9 out of 10 recorded significant outflows in the past month. According to DefiLlama, only one centralized exchange platform, Bitfinex, recorded significant inflows of $208.51 million. 

Over the past month, many centralized exchange platforms have witnessed net withdrawals from their platforms. According to a detailed analysis by DefiLlamma, out of the top ten listed centralized exchanges (CEXs), only Bitfinex recorded net inflows in the past 30 days. The report analyzed the top centralized exchanges, with the exception of Coinbase. DefiLlama reportedly has no access to Coinbase data.

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Major cryptocurrencies have recorded a slowdown in their bullish momentum. For example, Bitcoin’s price reduced by 0.56% in the last 24 hours, according to Coinmarketcap data. The largest cryptocurrency has also recorded a 5.53% decline in the past week. The massive outflows from the top centralized exchanges by asset value range from $13.8 million on Crypto.com to $636.52 million on the OKX platform.

Top CEXs recorded major outflows in the last month

The DefiLlama data analysis of centralized exchanges ranges from May 12th to June 11th. During this period, the OKX exchange platform recorded the highest outflows. According to the data, OKC registered a negative inflow of $636.52 million last month. The OKX CEX was closely followed by the Robinhood exchange, which recorded $430.27 million outflows during the same period.

DefiLlama Data on CEXs: Source DefiLlama

Bybit recorded the third largest outflow in the last 30 days, with $244.12 million. Kucoin and HTX also managed to record outflows above $100 million. According to DefiLlama’s data, the Kucoin exchange’s outflows were $146.08 million, while the HTX exchange recorded $139.77 million.

Bitstamp has a lower net outflow than the previously discussed exchanges. The data shows the exchange registered negative inflows of up to $106.27 million. The other exchanges on the list, Binance, Crypto.com, and Derbit, all recorded minor net outflows within the 30-day period.

Derbit recorded $38.85 million outflows in the same period, while Binance had $23.98 million in total outflows. Crypto.com recorded the least net outflows of the top ten crypto exchanges in the top ten list, with $13.8 million.

Interestingly, Bitfinex was the only cryptocurrency exchange among the top ten list with net inflows. The exchange recorded over $200 million in inflows in the last 30 days, for a total of $208.51 million.

Binance regains positive inflows in the last seven days

In the last seven days, however, many centralized exchanges have regained momentum, with Binance taking the resounding lead. The largest CEX by trading volume, Binance, recorded over $1 billion in inflows in the last seven days. The total inflows for Binance stand at $1.011 billion. Other CEXs that recorded positive inflows in the same period include HTX, Bitstamp, and Kucoin, with $47.89 million, $8.02 million, and $2.03 million, respectively.

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OKX recorded the highest outflows in the seven-day period, with $909.75 million. The platform’s net outflows are partially due to mounting security issues. The higher inflows on Binance could be due to crypto traders’ mass exodus from OKX.

Robinhood and Crypto.com also recorded net outflows of over $100 million in the last seven days. Bitfinex, Bybit, and Derbit recorded negative net inflows as well. However, the figures are below $100 million.

Considering the 30-day analysis by DefiLlama, it appears that many crypto investors were actively withdrawing from the CEXs. This behavior could be attributed to the market fear and greed index, which has been rising as many want to maximize profits during the bullish market.

 

Cryptopolitan reporting by Collins J. Okoth