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According to renowned analytics company Glassnode, owners of Bitcoin (BTC) are withdrawing funds from cryptocurrency exchanges at an astonishing rate.
Following the collapse of cryptocurrency exchange FTX, investors in Bitcoin have reportedly taken it upon themselves to seize custody of their BTC hoards.
According to Glassnode, Bitcoin is currently being removed off cryptocurrency exchanges at a rate of over $1.75 billion per month.
“After FTX’s demise, Bitcoin investors have been moving their coins to their own custody at a historical rate of 106,000 BTC each month.
Comparing this to only three other instances
– Apr 2020
– Nov 2020
-June through July 2022.
Glassnode reports that all wallet cohorts, from shrimp to whales, are experiencing significant increases in their BTC balances as a result of Bitcoin flying off of cryptocurrency exchanges.
“The failure of FTX has resulted in a very noticeable change in the behaviour of Bitcoin owners across all cohorts”.
When examining stablecoins, Glassnode points out that after the collapse of FTX, traders rushed crypto exchanges with dollar-pegged crypto assets, indicating that market …Read More
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