Crisis at Poloniex: Bitcoin reserves are melting

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It is determined that Bitcoin reserves in Poloniex, one of the leading crypto exchanges, are decreasing day by day.

Despite the efforts of expert marketer Justin Sun, users are leaving the cryptocurrency exchange Poloniex .Things seem not going well at Poloniex, which was recently bought by TRON CEO Justin Sun. Poloniex’s Bitcoin reserves are decreasing day by day, data analytics company Coin Metrics reports.

The chart below shows that the amount of Bitcoin held at Poloniex has collapsed in the past 18 months. While the amount was above 75,000 BTC in July 2018, it has recently dropped below 25,000 BTC. It was determined that the meltdown in Poloniex’s reserves accelerated, especially after it was revealed that Justin Sun was a part of the investor group that bought the stock market.

Meanwhile, CoinMetrics detected a clear correlation between the number of API users and the drop in the amount of Bitcoin. The stock’s reserves have dropped more than 70 percent over the past 18 months, with a similar drop in the number of API users, and the number of online users has decreased to about 4000. This means that the stock market has started to be preferred by fewer traders.

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