- The following chart shows the relative dominance of exchange-related deposits and withdrawals versus all confirmed transactions, according to Glassnode data as of June 16. The graph shows the following traces:
- Total number of transactions
- Total deposit transactions
- Total Withdrawal Transactions
- Dominance of exchange transactions (%)
- Over the past six months, foreign currency withdrawals exceeded foreign currency deposits for the second time.
- The first time this happened was during the collapse of FTX in 2022, as investors began to take custody of their coins and pull them from exchanges.
- This trend continued into 2023, but then began to decline.
- However, we are now seeing withdrawals starting to outpace deposits again, which began on June 5, the day of the first SEC trial.
- This trend has continued and the divergence has only grown.
- Current exchange withdrawals are 58,000 Bitcoin, while exchange deposits are 49,000 Bitcoin.
Post-Bitcoin withdrawals exceed deposits for the second time in six months appeared first on CryptoSlate.