- Van Straten said that withdrawals totaled over $2 billion on March 1st alone.
- Binance has seen significant outflows of $400 million in the previous few days.
In the midst of Bitcoin’s (BTC) price movement vying for all-time highs, the cryptocurrency is fleeing exchanges at the fastest pace in years. Research and analytics researcher at crypto insights business CryptoSlate, James Van Straten, highlighted withdrawals of Bitcoin worth billions dollars in a twitter post on March 3.
Even while crypto’s mainstream backers haven’t jumped on the bandwagon just yet, crypto exchanges are quietly draining their reserves. Van Straten said that withdrawals totaled over $2 billion on March 1st alone by uploading data from on-chain monitoring company Glassnode.
New Investors Coming In
The daily Bitcoin outflows shown by Glassnode seem to be somewhat equivalent to the record-breaking events of June 28 and 29, 2021. Leaving out the roughly $200 million transferred to custodian Coinbase Pro, Van Straten pointed out the function of U.S spot Bitcoin ETFs. According to him, Binance has seen significant outflows of $400 million in the previous few days.
As of March 2, the total Bitcoin assets accessible on the biggest trading platform that Glassnode monitors have reached 2,286,347 BTC, which is equivalent to $142.5 billion. Since Bitcoin/USD traded at $8,000 in March 2018, this is the lowest sum. At the same time, new entities are already joining the Bitcoin wagon, according to different numbers that monitor its composition.
Crypto Dan, a developer on the CryptoQuant platform for on-chain analytics, recorded the continued evolution of UTXO ages in one of its most recent Quicktake market updates.
The “older” coins, which have been dormant for six months or more, are now waking up, while the “younger” coins are more numerous. He concluded by saying that new investors are coming in, and that many more “individual” investors would be joining the fray soon.
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Source: https://thenewscrypto.com/crypto-exchanges-witness-massive-bitcoin-outflow-amidst-price-surge/