- More than 200,000 BTC withdrawn from major exchanges over the past two months, indicating a market shift.
- Coinbase records the largest withdrawal, followed by Binance, with notable outflows.
- Bitcoin’s price declined while trading volume increased during recent market activity.
Bitcoin has seen a drop in its holdings over the past 60 days, with a decline in the amount of BTC stored on different exchanges. According to crypto analyst HODL15Capital, over 200,000 BTC were withdrawn from exchanges, suggesting a shift in market sentiment.
The withdrawals span several exchanges, including Coinbase, Binance, Kraken, and Gemini. The largest share of Bitcoin outflows occurred at Coinbase, which lost 86,316 BTC. Even so, the exchange still holds 740,491 BTC. Binance shed 42,865 BTC, bringing its balance to 558,827 BTC.
Exchanges such as Kraken, Gemini, and Upbit have also seen withdrawals, with Kraken down 13,076 BTC, Gemini losing 10,188 BTC, and Upbit withdrawing 6,024 BTC.
Read also: Why Bitcoin Prices Slipped on Major Exchanges
Plus, platforms like Bitfinex and Robinhood saw reductions, with Bitfinex losing 9,023 BTC and Robinhood withdrawing 2,100 BTC. These withdrawals have contributed to a decline in the total Bitcoin held across all exchanges, which now stands at 2,435,446 BTC.
Exchange Inflows and Outflows: A Yearly Overview
Data from Coinglass shows Bitcoin’s wallet inflows and outflows over the past year follow a clear pattern. At the start of the year, market sentiment was neutral, with inflows and outflows remaining balanced.
But as Bitcoin’s price increased over the year, after crossing the $60,000 mark in October, outflows dominated.
Read also: Bitcoin Exchange Balances Hit 2024 Lows, Signals Bullish Trend
Bitcoin’s Price and Increased Trading Volume
The drop in Bitcoin’s exchange holdings aligns with overall market movements, as Bitcoin’s price shifted over the previous day. Bitcoin opened at a high of $104,750 but faced downward pressure throughout the day, reaching a low of $99,000 by midnight. As of this writing, the price is $101,136, reflecting a 3.31% decline in value.
Despite the price drop, trading volume surged to $101.01 billion, an increase of 44.25%, showing heightened market activity.
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Source: https://coinedition.com/bitcoin-exchange-holdings-plummet-200k-btc-withdrawn-in-60-days/