Bitcoin

Bitcoin withdrawals surpass deposits for the second time in six months

06/17/2023
Bitcoin Ethereum News

Quick Take

  • The following chart presents the relative dominance of exchange-related deposits and withdrawals with respect to all confirmed transactions, according to Glassnode data as of June 16. The chart presents the following traces:
    • 🟠 Total Transaction Count
    • 🟢 Total Deposit Transactions
    • 🔴 Total Withdrawal Transactions
    • ⚫ Exchange Transaction Dominance (%)
  • In the past six months, exchange withdrawals have surpassed exchange deposits for the second time.
  • The first time this happened was during the FTX collapse in 2022, as investors started to take custody of their coins and remove them from exchanges.
  • This trend continued into 2023  but then started to drop off.
  • However, we are now seeing withdrawals start to outpace deposits again, which first started on June 5, the day of the first SEC lawsuit.
  • This trend has continued, and divergence has only grown.
  • The current exchange withdrawals are 58,000 Bitcoin, while exchange deposits are 49,000 Bitcoin.
Exchange Transaction Dominance: (Source: Glassnode)
Exchange Transaction Dominance: (Source: Glassnode)

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