BUSD has seen 12 billion withdrawn from exchanges in 3 months, USDT, BTC have been net beneficiaries

Quick Take

• The outflows for BUSD continue, which sees a balance on exchanges of less than 10 billion.
• The balance on exchange was as high as 22 billion on exchanges in November 2022 — a trend expected to continue.
• USDT and Bitcoin have benefited the most from these outflows — as USDT dominates at 55%, the highest since November 2021.
• While the Bitcoin stablecoin supply ratio suggests outflows of stablecoins have gone into Bitcoin — its highest ratio for over two years.

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