The outflow of Bitcoin from cryptocurrency exchanges increased year-on-year and reached almost the highest level from the previous period. The cryptobours thus experienced their most difficult week of BTC picks since the end of last year.
Outflow of Bitcoin from centralized exchanges
Analytical company Glassnode came out this week with a report that maps the outflow of Bitcoin from centralized crypto exchanges. According to their findings, only 13.2% of circulating BTCs are held on cryptocurrency exchanges. This is a new minimum for this year.
“This represents an almost complete return of the ebb volume observed during the May sale.”
The BTC outflow accelerated to more than 100,000 BTC per month, with approximately 40,000 BTC collected in the last seven days. The outflow rose sharply to almost 150,000 BTC per month in April last year, when markets experienced a bloody period caused by coronavirus.
In November 2020, the outflow again approached 150,000 BTC per month. Glassnode notes different trends between Coinbase and Binance. Coinbase experienced significant outflows, while Binance was again the largest recipient of BTC.
Coinbase cryptocurrency balances remained stable in June, with BTC revenue amounting to 30,000 BTCs in mid-July, but 31,000 BTCs were withdrawn from the platform last week. Binance cryptocurrency reserves are now also beginning to shrink. In the last week, 37,500 BTCs were sent out of the stock exchange.
Cryptocurrency exchanges have experienced the largest outflow in recent weeks since November last year, which will certainly turn into the price of cryptocurrencies. You can find out more about the development of cryptocurrency prices in our regular technical analyzes.