KuCoin Exchange Records $118 Million Withdrawn in September as Crypto.com and ByBit Gain Traction
Cryptocurrency exchange KuCoin has raised eyebrows in the crypto community after it reported a significant outflow of funds in September. According to data from DeFiLlama, KuCoin saw withdrawals amounting to $118 million during the month, leading many to draw parallels with Binance, which recently experienced a massive exodus of funds totaling $800 million.
This development raises questions about the trustworthiness of crypto exchanges as some users appear to be losing confidence in the market and are concerned about evolving legal regulations.
KuCoin’s Reserves Decline
KuCoin recently released its asset reserve certificate as of September 29, shedding light on the state of its cryptocurrency reserves. The report revealed that user BTC assets declined by 4% compared to the previous month, with a total of 17,617.5 BTC held. Similarly, user ETH assets decreased by 3%, leaving a total of 148,125 ETH in custody. Furthermore, user USDT assets saw a 4% reduction, now amounting to around 837 million USDT.
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
These declining reserves of major cryptocurrencies on KuCoin suggest a loss of investor confidence and a possible desire to withdraw funds from the platform.
In contrast to KuCoin, other exchanges like Crypto.com and ByBit seem to be making efforts to enhance their performance, particularly in terms of monthly deposits. Crypto.com witnessed a 40 million USD increase, while ByBit experienced a substantial surge of 138 million USD.
These figures indicate that investors may be favoring these exchanges over KuCoin due to perceived strengths or improved offerings.
Rising Crypto Investors in Turkey
Notably, KuCoin has also released a report on the adoption of cryptocurrencies, revealing a 12% increase in the number of investors in Turkey over the past 18 months. This increase is especially significant as it indicates growing interest from the Turkish population, with 52% of Turkish adults now showing an interest in cryptocurrencies, compared to 40% previously. Even young women are beginning to participate in the crypto market.
Moreover, the younger generation in Turkey is driving the growth of the cryptocurrency market. In fact, 31% of investors entered the crypto market in the last quarter, with 36% investing more than 100,000 Turkish lira.
In terms of age distribution, 48% of crypto investors in Turkey are aged between 31 and 44, while 37% fall into the 18 to 30 age bracket.
Bitcoin Remains King, but Ethereum and Stablecoins Gain Ground
The survey conducted by KuCoin also revealed that Bitcoin continues to dominate the preferences of investors, with 71% expressing interest in the leading cryptocurrency. Ethereum and stablecoins followed closely behind.
In conclusion, KuCoin’s declining reserves in Bitcoin, Ethereum, and Tether during September raise concerns about investor trust. As the crypto market continues to evolve, it remains to be seen how exchanges will respond to these challenges and whether investors will regain confidence in the platforms they use.
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