Santiment: ETH supply on exchanges has declined in two phases since the Binance security incident, with only the first phase aligning with the hacker’s withdrawal timeframe.
1 hours ago
Santiment stated in a post that since the Binance hack, the crypto exchange’s ETH supply has declined in two phases, only one of which aligns with the timing of the hacker’s fund transfers. Data shows that as of the close of October 28, ETH held by exchanges made up 3.56% of the total ETH supply; by the close of November 2, this share had dropped to 3.20%. Over half of this decline occurred on October 29, the day Binance was hacked. TRM Labs data indicates that roughly 200,630 ETH was withdrawn from Binance’s hot wallet on October 29. However, ETH holdings of major exchange addresses did not fall that day—instead, they increased by around 39,000 ETH. Then, from November 1 to November 2, as exchanges resumed withdrawals, these addresses saw their ETH holdings decrease by approximately 313,000 ETH. From the close of October 28 to November 2, major exchange addresses’ total ETH holdings fell by a cumulative 297,000 ETH, a drop of about 5.4%. Santiment added that based solely on exchange data, it is currently impossible to determine where the ETH ultimately ended up, nor whether it was moved to cold wallets or transferred to other trading platforms.
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