Definition
This chart presents the relative dominance of exchange-related deposits and withdrawals with respect to all confirmed transactions.
This chart presents the following traces:
Total Transaction Count- Total Deposit Transactions
- Total Withdrawal Transactions
- Exchange Transaction Dominance (%)
Quick Take
- Over a 14 DMA, Bitcoin deposits head lower as 2023 progresses, in line with the 2019 bear market.
- However, since the FTX collapse, Bitcoin withdrawals have been greater than deposits for the first time in Bitcoin history.
- This trend has continued into 2023, but the gap is getting closer between deposits and withdrawals.
- The transaction count is up considerably, mainly due to the traction of Ordinals.
The post Bitcoin exchange deposits decline, mimicking 2019’s bearish trend appeared first on CryptoSlate.
Source: https://cryptoslate.com/insights/bitcoin-exchange-deposits-decline-mimicking-2019s-bearish-trend/