During the investors' scramble for safety, billions of dollars leave exchanges.

As a result of the FTX collapse having a cascade effect over the overall market, top tokens at the commencement of the month have now seen their prices plummet and valuations plummet.

Traders have decided not to put themselves in the crossfire by removing their money from all brokerage firms due to the uncertainty surrounding the sustainability of the FTX Derivatives Exchange and the businesses that may have access to it.

Over the previous 24 hours, Ethereum valued or more $1 billion has been removed from exchanges, as per information from of the crypto analytics site Nansen. The top five assets that have been removed from trading systems are wETH, the three top stablecoins USDT, USDC, and BUSD, as well as other prominent altcoins.

With FTX's demise and the potential for the trading platform to become stuck if Binance's proposal does not ultimately go through, traders in the Web3.0 ecosystem are in a panic.

Many traders have taken the decision to transfer their assets into a wallet they control in an effort to avoid similar eventualities to those saw in the cases of loans like Voyager Digital and Celsius Network that declared bankruptcy incarcerating investors' assets to date.

Traders want to be able to better manage their losses if a second crypto winter appears to be on the horizon for the cryptocurrency market. Shareholders are making a choice to keep their investments in stablecoins because the market cap of the sector is currently below $900 billion and it allows for quick selloffs in the event that their favoured platform is compromised by the current bank run that most exchanges are currently experiencing.

At the time of this writing, Bitcoin had dropped 10.46% to $17,350.39 while Ethereum had fallen 17.52% in the previous day to trade at $1,188.04.

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