Massive withdrawals from Binance — and not only Binance

Today, the crypto community is talking about how traders have been actively withdrawing funds from Binance after the events of October 10. The outflows have become so large that the exchange even suspended withdrawals for certain assets. Once again, it raises the question: do exchanges really hold all the crypto they claim to have?

But here's something worth noting — Binance isn’t the only exchange seeing major withdrawals this week.

According to Coinglass, only three out of the ten largest exchanges have shown a net inflow of funds over the past seven days. The other seven are all seeing outflows. Of course, nothing compares to Binance, which has already lost over $3.6 billion in assets. Still, the trend is clear: trust in centralized exchanges has taken a hit this week.

Anyone can manage their crypto without relying on exchanges. Self-custody isn’t nearly as difficult as it might seem. And when it’s time to swap one asset for another, the best rates are always waiting for you at rabbit.io.