Join Delphi Research today and immediately get access to our full Member Portal!
Join Delphi Research today and immediately get access to our full Member Portal!
Back

Exchange Exodus, Staking LUNA-cy, TikTok Trends

Jul 29, 2021 · 4 min read

By Ashwath Balakrishnan, Joo Kian, and Aaron D.

Market Update

Today has been a rather sleepy day in the market, with the majors starting to consolidate at resistance (not a good sign). Market momentum over the last week has been pretty crazy, so a pullback from here is on the cards.

Exchange Exodus; Bullish for DEXes?

Yesterday marked the single largest daily outflow of BTC from exchanges since mid 2016. This was presumably catalyzed by Binance’s announcement of dramatically lower withdrawal limits for non-KYC customers. Binance and Coinbase were the top two exchanges in terms of absolute outflow. The million dollar question right now is whether this will benefit decentralized exchanges. Popular DEXes like Uniswap and Sushiswap cannot support BTC — only wrapped BTC — so them trying to capitalize on BTC leaving exchanges is out of the question. However, multi-chain DEXes like Chainflip and THORChain could benefit from this in the long-term. But if the trend is a generalized shift away from

Delphi Dailys are absolutely free to read on our portal and get in your inbox - you just need to sign up with your email!

Sign Up For Free