OKEx’s Trading Volumes and Tether Reserve Plunge on Possible User Exodus – CoinDesk – CoinDesk

A sharp drop in OKEx’s trading volume and stablecoin reserves – tether (USDT) in particular – may reveal an ongoing exodus of its users after the popular crypto derivatives exchange unexpectedly halted all crypto withdrawal activities for about five weeks.

Data from analytics service CryptoQuant shows that the amount of tether held in OKEx wallets has dropped to 6.69 million from 275.0 million between Nov. 25 and Dec. 1, down 97.6% in less than a week. Malta-based exchange OKEx has a large user base in China and tether, the world’s largest dollar-backed token, with total assets of $19.35 billion, is one of the most popular stablecoins used by Chinese traders.


The amount of USDT reserved on OKEx over the past year.
Source: CryptoQuant

At the same time, total daily trading volume on OKEx has declined significantly during the same time period – down approximately 67.7% from Nov. 25, according to data compiled by CoinDesk.