KuCoin Records $118 Million Monthly Outflow
In September, KuCoin, a popular crypto exchange, experienced an outflow of $118 million compared to the previous month. This decline in holdings was observed in major cryptocurrencies such as Bitcoin, Ethereum, and Tether. The net outflow figure was confirmed by DefiLlama, indicating a decrease in customer confidence due to market conditions and regulatory changes.
Binance, another prominent crypto exchange, also witnessed a significant outflow of $800 million in the same period. However, Crypto.com and ByBit’s crypto exchanges managed to improve their performance with monthly inflows of $40 million and $138 million respectively.
Declining Availability of Bitcoin, Ethereum, and Tether on KuCoin
KuCoin’s latest proof of reserve released on September 29 showed a decline in the availability of Bitcoin, Ethereum, and Tether. According to analyst Wu Blockchain, BTC assets decreased by 4%, ETH assets decreased by 3%, and USDT assets were 4% lower compared to the previous month.
The Rise of Crypto Investors in Turkey
KuCoin also released a report on crypto usage revealing that the number of Turkish investors has increased by 12% in the past 18 months. The survey indicated that 52% of Turkish adults are now involved in cryptocurrency, up from 40% previously. The younger generation is driving this growth, with 31% of investors joining the market in the last quarter. Bitcoin remains the preferred choice for 71% of investors, followed by Ethereum and Stablecoins.
Hot Take: Turkish Crypto Market Experiences Significant Growth
The crypto market in Turkey has seen substantial growth with an increasing number of investors participating in cryptocurrency. The rise in Turkish investors, particularly among adults and young women, highlights the growing popularity of digital assets in the country. The survey also reveals that Bitcoin remains the most favored cryptocurrency among Turkish investors. As Turkey’s crypto market continues to expand, it presents new opportunities and challenges for both investors and the industry as a whole.
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