Friday, February 3, 2023
 

Cryptoquant Data Shows Sharp Decline on Gemini Exchange Activity

  • On-chain data from Cryptoquant shows a sharp decline in Gemini Exchange activity.
  • Cryptocurrency reserves on Gemini in BTC, ETH, and stablecoins are currently at multi-year lows.
  • Trading volume on Gemini dropped by 52% as of December 2022.

Data from Cryptoquant, the platform for on-chain data analysis shows a sharp decline in exchange activity on Gemini. As reported on its Twitter account, all key indices investigated returned negative signals.

Cryptoquant’s latest report shows that Gemini’s cryptocurrency reserves are currently at multi-year lows. BTC deposits from other exchanges into Gemini are also on the decline. Such reflects the waning confidence among users over the stability of the crypto exchange.

Another key index with a negative reflection on Gemini is the trading volume. As of December 2022, the trading volume on Gemini was down by 52% YoY. It shows the increasing lack of trust among users, the majority of whom may be worried about the safety of their funds.

Gemini exchange has been in the spotlight since the collapse of FTX. According to reports, its major lending partner, Genesis, was involved with the now-bankrupt FTX. Shortly after FTX failed, users of Gemini’s Earn program began to experience difficulties in funds withdrawals.

Up to $900 million of investors’ funds is trapped in the Genesis-powered program which promises interest payments on crypto deposits. According to reports, some users with large deposits have already taken Gemini to court. They are asking for a return of their funds.

Cameron Winklevoss, co-founder of Gemini has accused Barry Silbert (CEO of Digital Currency Group, the parent company of Genesis) of delaying negotiation to resolve the issue. Winklevoss did so in an open letter published on January 2, 2023.

The Gemini-Genesis crisis is one of several casualties linked to the collapse of FTX. Shortly after FTX filed for bankruptcy, reports emerged of BlockFi’s intention to do the same.

Ontario Teachers’ Pension Plan also announced to have lost a $95 million investment with the collapse. More reports of affected crypto users may emerge as the ripple effect of the unfortunate situation continues to unfold. Nonetheless, despite current struggles, exchange user withdrawals on Gemini have continued without complications.

  • On-chain data from Cryptoquant shows a sharp decline in Gemini Exchange activity.
  • Cryptocurrency reserves on Gemini in BTC, ETH, and stablecoins are currently at multi-year lows.
  • Trading volume on Gemini dropped by 52% as of December 2022.

Data from Cryptoquant, the platform for on-chain data analysis shows a sharp decline in exchange activity on Gemini. As reported on its Twitter account, all key indices investigated returned negative signals.

Cryptoquant’s latest report shows that Gemini’s cryptocurrency reserves are currently at multi-year lows. BTC deposits from other exchanges into Gemini are also on the decline. Such reflects the waning confidence among users over the stability of the crypto exchange.

Another key index with a negative reflection on Gemini is the trading volume. As of December 2022, the trading volume on Gemini was down by 52% YoY. It shows the increasing lack of trust among users, the majority of whom may be worried about the safety of their funds.

Gemini exchange has been in the spotlight since the collapse of FTX. According to reports, its major lending partner, Genesis, was involved with the now-bankrupt FTX. Shortly after FTX failed, users of Gemini’s Earn program began to experience difficulties in funds withdrawals.

Up to $900 million of investors’ funds is trapped in the Genesis-powered program which promises interest payments on crypto deposits. According to reports, some users with large deposits have already taken Gemini to court. They are asking for a return of their funds.

Cameron Winklevoss, co-founder of Gemini has accused Barry Silbert (CEO of Digital Currency Group, the parent company of Genesis) of delaying negotiation to resolve the issue. Winklevoss did so in an open letter published on January 2, 2023.

The Gemini-Genesis crisis is one of several casualties linked to the collapse of FTX. Shortly after FTX filed for bankruptcy, reports emerged of BlockFi’s intention to do the same.

Ontario Teachers’ Pension Plan also announced to have lost a $95 million investment with the collapse. More reports of affected crypto users may emerge as the ripple effect of the unfortunate situation continues to unfold. Nonetheless, despite current struggles, exchange user withdrawals on Gemini have continued without complications.

 

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