What is Alameda Research?

Alameda Research is a quantitative cryptocurrency trading firm that provides liquidity in cryptocurrency and digital assets markets.

What is FTX?

FTX is a Bahamian cryptocurrency exchange. FTX is incorporated in Antigua and Barbuda and headquartered in The Bahamas. As of February 2022, the exchange has over one million users. FTX operates FTX.US, a separate exchange available to US residents.

Binance?

Binance is a cryptocurrency exchange that is the largest exchange in the world in terms of the daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high-frequency trading software.

Methodology

In this dashboard we are going to look at the Stablecoin flows to and from FTX/Alameda wallets on Ethereum and Solana in the past 60 days. we are looking to see drastic changes in the stablecoin holding of these wallets. The data for this dashboard will come from the ethereum.core and solana.core tables of Flipside’s database.

Sections

1. Ethereum Ftx/Alameda Stablecoin Flow
2. Ethereum Ftx/Alameda Stablecoin Destination
3. Solana Ftx/Alameda Stablecoin Flow
4. Solana Ftx/Alameda Stablecoin Destination

Ethereum Ftx/Alameda Stablecoin Flow

Observations

• Most days between $300 million and $1 billion of stablecoins are sent in and out of Ftx/Alameda wallets
• The stablecoin with the largest volume in Ftx/Alameda is USDC
• Since October 19th over $700 Million worth of stablecoins have been withdrawn from Ftx/Alameda wallets on Ethereum

Ethereum Ftx/Alameda Stablecoin Destination

Observations

• Over 50% of the stablecoins volume sent to dapp or CEXs from FTX has been sent to Binance in the past 60 days
• Most days since the start of November the Largest portion of the FTX Stablecoin outflows have gone directly to Binance
• Other than Binance a large portion of stablecoins on FTX went to Coinbase, USDC or bitfinex

Solanan Ftx/Alameda Stablecoin Flow

Observations

• Most days between $30 million and $100 million of stablecoins are sent in and out of Ftx/Alameda wallets
• The stablecoin with the largest volume in Ftx/Alameda is USDC
• Since October 19th over ~$500 Million worth of stablecoins have been withdrawn from Ftx/Alameda wallets on Ethereum

Solana Ftx/Alameda Stablecoin Destination

Observations

• Over 70% of the stablecoins volume sent to dapp or CEXs from FTX has been sent to Gate.io in the past 60 days
• Most days since the start of November the Largest portion of the FTX Stablecoin outflows have gone directly to gate.io
• Other than Binance a large portion of stablecoins on FTX went to Coinbase, Kucoin or KraKen

Conclusion

• Ethereum
  • Most days between $300 million and $1 billion of stablecoins are sent in and out of Ftx/Alameda wallets
  • The stablecoin with the largest volume in Ftx/Alameda is USDC
  • Since October 19th over $700 Million worth of stablecoins have been withdrawn from Ftx/Alameda wallets on Ethereum
  • Over 50% of the stablecoins volume sent to dapp or CEXs from FTX has been sent to Binance in the past 60 days
  • Most days since the start of November the Largest portion of the FTX Stablecoin outflows have gone directly to Binance
  • Other than Binance a large portion of stablecoins on FTX went to Coinbase, USDC or bitfinex
• Solana
  • Most days between $30 million and $100 million of stablecoins are sent in and out of Ftx/Alameda wallets
  • The stablecoin with the largest volume in Ftx/Alameda is USDC
  • Since October 19th over ~$500 Million worth of stablecoins have been withdrawn from Ftx/Alameda wallets on Ethereum
  • Over 70% of the stablecoins volume sent to dapp or CEXs from FTX has been sent to Gate.io in the past 60 days
  • Most days since the start of November the Largest portion of the FTX Stablecoin outflows have gone directly to gate.io
  • Other than Binance a large portion of stablecoins on FTX went to Coinbase, Kucoin, or Kraken
• Overall
  • There has been a massive decline in stablecoins in FTX wallets on both Ehteum and Solana since mid October.