According to recent data, Bitcoin users have withdrawn more than 24,000 BTC from crypto exchanges
Bitcoin (BTC) worth more than $ 220 million have left centralized exchanges after BTC halving to rewards on the blockchain on 11/05/2020
Statistical data from the House of Glassnode, the Bitcoin exchange Net-Flow indicates 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 exchanges. Glassnode also points out that” the net flow of the exchange has decreased significantly ” when comparing data from before and after BTC halving. The halving itself, however, did not seem to have much effect on the trend that had already begun earlier:
“In the hours before and after 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 disbursements from stock exchanges by investors. The on-chain market analysis platform came to this conclusion in a posting on 13 May at Twitter.
With Huobi, Bitfinex and BitMEX, three well-known exchanges have significantly reduced their own BTC reserves since April. Around 20,000 Bitcoin (BTC) have been removed from the Huobi platform since April 12, while Bitfinex had about 71,000 BTC, which is why the volume was currently only 134,000 after previously 205,000 in mid-April.
In the case of BitMEX, it was about 228,000 BTC in reserve at the moment of the BTC slump in March of this year. According to Chain.info there are currently around 214.000 Bitcoin.
In the past 24 hours, Binance, Bitfinex and Kraken recorded 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 collectively hold almost 14% of the BTC supply in circulation. The exchanges mentioned have a combined on-chain reserve of the order of 2.3 million BTC, which brings it to a total value of around $ 21.7 billion, given the current BTC price.
The exchange Coinbase leads the list of these days. Your On-Chain result is 970.247 BTC, Huobis 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 contingent of 74,059 BTC. The provider Poloniex closes the list with still 46.665 Bitcoins.
By calling out the proof-of-keys day, Trace Mayer set the wave of crypto removals in motion to a certain extent in the year. The background to this was that exchanges were not a safe place to store digital currency. Hacker attacks after the crash of the infamous Mt.Gox, but also the curious story about the Canadian stock exchange QuadrigaCX serve as negative examples. And also reason for the recommendation to withdraw Bitcoins from exchanges, if investors are not themselves in possession of the access keys.