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According to current data, Bitcoin users have withdrawn more than 24,000 BTC from crypto exchanges
Bitcoin (BTC) worth more than $ 220 million has left centralized exchanges after BTC halving to rewards on the blockchain on 05/11/2020
Statistical data from Glassnode, the Bitcoin exchanges Net-Flow indicate the removal of more than 24,000 BTC by holders of crypto exchanges since Tuesday of this week.
Said data shows a trend since April that investors are withdrawing BTC holdings from stock exchanges. Glassnode also points out that “the net flow of the exchange has decreased significantly” when comparing data from before and after the BTC halving. However, the halving itself did not seem to have much of an effect on the trend that had already begun earlier:
“In the hours before and after the Bitcoin halving, the stock market net flow dropped noticeably. To date, the halving event has had no impact on the 2020 trend with regard to capital withdrawals from stock exchanges by investors. The on-chain market analysis platform came to this conclusion in a posting on May 13 at Twitter.
With Huobi, Bitfinex and BitMEX, three well-known exchanges have significantly reduced their own BTC reserves since April. Since April 12, about 20,000 Bitcoin (BTC) have been removed from the Huobi platform, and about 71,000 BTC have even been removed from Bitfinex, which is why the volume is currently only 134,000 after the previous 205,000 in mid-April.
In the case of BitMEX, at the moment of the BTC slump in March of this year, it was about 228,000 BTC as a reserve. According to information from Chain.info it is currently around 214,000 Bitcoin.
Over the past 24 hours, Binance, Bitfinex and Kraken have posted significant reserve fluctuations of -1.66%, 1.52% and -1.00%, respectively.
Despite these withdrawals, the reserves of important competitors such as Binance, OKEx and Coinbase remain at a stable high level.
At chain.info that is, the Top 10 Crypto Exchanges together, they hold almost 14% of the BTC supply in circulation. The mentioned exchanges have a combined on-chain reserve in the order of 2.3 million BTC, which, given the current BTC exchange rate, brings it to a total value of about 21.7 billion USD.
The exchange Coinbase tops the list of these days. Their on-chain result is 970,247 BTC, Huobi’s value is 358,093, followed by OKEX with 259,474 BTC. This is followed by Binance with 174,848 BTC, Kraken (130,727 BTC), Bitstamp with 124,894 BTC, Bittrex with 113,159 BTC, Bitfinex with “only” 77,490 BTC and bitFlyer with a quota of 74,059 BTC. The provider Poloniex closes the list with at least 46,665 Bitcoins.
By proclaiming the Proof-of-Keys day, Trace Mayer set the wave of crypto distances in motion in a certain way during the year. The background here was that exchanges are not a safe place for storing digital currency. Hacker attacks after the crash of the notorious Mt.Gox, but also the curious story about the Canadian stock exchange QuadrigaCX serve as negative examples. And also the reason for the recommendation to withdraw Bitcoins from exchanges if investors are not in possession of the access keys themselves.
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