In September, KuCoin reported a $118M crypto withdrawal, lowering Tether, Ethereum, and Bitcoin proof of reserve.
In September, there was a $118 million withdrawal from the cryptocurrency exchange KuCoin as compared to the previous month. The proof of reserve for the cryptocurrency exchange indicates a decrease in the amounts of Tether (USDT), Ethereum (ETH), and Bitcoin (BTC) held.
The cryptocurrency exchange KuCoin reports a monthly outflow of $118 million
KuCoin’s September 2023 closure doesn’t seem to have gone well. Conversely, it seems that the crypto-exchange had a $118 million outflow as well as a decrease in the top crypto stocks when compared to the prior month.
And in fact, DefiLlama reports that it seems like KuCoin saw a net outflow of $118 million in September as opposed to August.
The decline in volume could also be attributed to a decline in client confidence stemming from their lack of comfort with the markets and the evolving regulatory environment.
In addition to KuCoin, Binance also seemed to have seen a significant $800 million outflow over the previous month.
On the other hand, the crypto-exchanges owned by Crypto.com and ByBit saw an improvement in their monthly inflow figures, with increases of $40 million and $138 million, respectively.
Proof of reserve for the cryptocurrency exchange KuCoin indicates that the supply of Tether, Ethereum, and Bitcoin is decreasing
Red hues of decreases are also seen in the most recent September proof of reserve from KuCoin’s cryptocurrency exchange, which was made public on September 29.
As observed by analyst Wu Blockchain, the current state of KuCoin’s most recent Proof of Work is as follows:
In actuality, September’s major cryptocurrency reserves on the crypto-exchange saw a minor decrease from the previous month.
Consequently, in September, KuCoin’s holdings of Bitcoin dropped by almost 4%, or little over 17,600 BTC.
Reserves for Tether and Ethereum are likewise declining. A 3% decline to roughly 148,000 ETH is announced for Ethereum. Conversely, Tether’s USDT reserves have decreased by 4% to approximately $837 million.
The study on Turkey’s growing cryptocurrency investor population
According to a recent survey on cryptocurrency usage by KuCoin, the number of Turkish investors has reportedly climbed by 12% over the previous 18 months.
Adults in Turkey have specifically contributed to the notable increase of cryptocurrency investors. In fact, it’s now estimated that 52% of Turkish adults use cryptocurrencies. Previously, this percentage was 40%. Furthermore, it appears that even young women are starting to take part.
Therefore, based on the survey, it seems that Turkey’s cryptocurrency market is growing at the fastest rate among younger people. Actually, in the most recent quarter, 31% of investors entered the realm of cryptocurrencies, with 36% investing more than 100,000 Turkish Lira.
37% of cryptocurrency investors are between the ages of 18 and 30, and 48% of investors are between the ages of 31 and 44 overall.
Lastly, the poll reveals that, with 71% of investors expressing interest, Bitcoin is the most popular cryptocurrency. Next up are stablecoins and Ethereum.
