As the bear market crunch continues, more and more people are found to be taking their bitcoin out of exchanges, following an analysis by Glassnode.
Here is what the blockchain analytic studio said following analysis of June 2022 activity:
“Exchange reserves continue to see large scale net withdrawals, with aggregate balances declining to levels last seen since July 2018.”
“Alongside a historically bad month of price performance, exchanges have seen the largest monthly decline on record, hitting an outflow rate of -150k BTC/month. This accounts for a typical balance reduction of 5.0% to 6.0% of the total through June.”
Glassnode broke down the data to exchange level to expose an interesting divergence that is underway:
- The record setting exchange continues to see net outflows of coins with an aggregate reduction of -450k BTC over the last 2 years
- Coinbase balance has declined in a persistent 10k to 30k BTC step function. These coins are being transferred to new wallets which are not associated with the Coinbase entity. These may be custody solutions for institutions given their holding size.
- Binance, on the other hand, has seen a net balance increase of roughly +300k BTC over the same period. As a result, Binance has now flipped Coinbase as the exchange with the largest Bitcoin supply
Overall balances on exchanges have seen an aggregate outflow of -750k BTC since March 2020. The last 3 months alone have seen some 142.5k BTC in outflows alone, a remarkable 18.8% of the total.
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