Crypto exchange outflows hit historic highs — data

KUALA LUMPUR (Nov 14): Bitcoin investors have been increasingly moving their holdings to self-custody solutions, following the collapse of the world’s second-largest crypto exchange last week.

In a report on Monday (Nov 14), crypto industry news portal Cointelegraph said on-chain exchange flow data is showing a surge in withdrawals to self-custody wallets, citing analytics provider Glassnode.

It said that in a tweet on Sunday, Glassnode reported that Bitcoin exchange outflows had hit near historic levels of 106,000 BTC per month.

Glassnode said that this had happened only three other times — in April 2022 and November 2020, as well as in June to July 2022.

It also reported that the number of Bitcoin wallets receiving the assets from exchange addresses surged to around 90,000 on Nov 9.

Cointelegraph said exchange outflows are usually a bullish sign that BTC is being “hodled” for the long term.

However, it said that in this scenario, it appeared to be the result of loundering confidence in centralised crypto exchanges.

The portal said Glassnode commented that the outflows had resulted in “positive balance changes across all wallet cohorts, from shrimp to whales”, before adding: “The failure of FTX has created a very distinct change in Bitcoin holder behaviour across all cohorts.”

Read also:
Collapsed FTX hit by rogue transactions; analysts saw over US$600 mil outflows
Withdrawals rise at Singapore-based after FTX meltdown — WSJ

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2022-11-13 21:30:58

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