Amount of BTC Withdrawn from Exchanges Reached Record Level

After the bankruptcy of FTX, the second largest exchange in the market, the confidence of investors in centralized exchanges was significantly shaken. According to the latest data, Bitcoin investors have started withdrawing their assets from centralized exchanges to crypto wallets under their supervision.

Data released by Glassnode pointed to a significant increase in the flow of assets transferred by investors to wallets under their custody. According to the data transmitted on Twitter yesterday, 106,000 BTC outflows were seen from crypto exchanges this month, and this figure pointed to record levels.

In the statement, it was mentioned that similar exits were seen in the periods of April 2020, November 2020 and June – July 2022. While it was seen that Bitcoin exits from the stock market peaked on November 9, it was emphasized that 90,000 Bitcoin wallets had withdrawn their assets from the exchanges. In the past, withdrawal of BTC assets to external wallets was interpreted as a price increase to be seen in the near future. However, in the current situation, it is seen that the exits from the central exchanges are due to the decrease in confidence in the exchanges this time.

In addition, Glassnode also drew attention to the increase in the exchanges of stable cryptocurrencies, which had some problems with stability last week. According to the data, fixed crypto assets on all exchanges exceeded $ 41 billion, breaking a new record.