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Executives at Gemini login, the crypto exchange led by Cameron and Tyler Winklevoss, have insisted in a blog post that the halt in customer withdrawals on the company’s $900 million Earn program “does not impact any other Gemini products and services.”
But a close look at blockchain data reveals a recent slowdown in incoming bitcoin (BTC) transfers to Gemini from accounts at other exchanges, which analysts see as a possible sign some crypto traders have become more leery of sending their assets to the main platform.
Bitcoin holders might not be making the distinction that the yield-focused Earn program is separate from the exchange.
On-chain data sourced from CryptoQuant shows that the 30-day simple moving average (SMA) of BTC inflows to Gemini has ranged between roughly 100 BTC and 200 BTC in so far in 2023, down from roughly 1,100 BTC to 2,300 BTC about six months ago. The average dropped to 106.5 BTC on Jan. 8, the lowest in almost six years.
Last modified 12d ago