Despite the high Bitcoin price, there is still a massive exodus of Bitcoin leaving the exchanges. Onchain data shows the exchanges are draining like a sieve and 87,954 bitcoin has been withdrawn from the top crypto trading platforms in the past 30 days.
As early as December 2019, it was reported that the San Francisco-based exchange Coinbase was holding nearly 1 million BTC for its users. In fact, Coinbase had around 969,000 BTC as of January 2020 and the next month it was up to its highest point of 973,000 BTC on February 10, 2020.
But throughout the year, not just from Coinbase but a number of other popular exchanges, huge amounts of Bitcoin were withdrawn. After holding nearly a million BTC on February 10, 2020, the exchange now only holds 805,000 BTC.
The five most important exchanges, measured by the Bitcoin reserves held, have lost a significant portion of BTC due to customer withdrawals. This includes exchanges like Huobi, Binance, Kraken, Okex, Bitfinex, and Bitflyer. In the past 30 days, a whopping 84,558 BTC has been withdrawn in Coinbase, 5,715 BTC has been withdrawn in Okex and 2,599 BTC left the exchange in Huobi.
Major exchanges in terms of BTC, held on Jan 3rd, 2021, include Coinbase with more than $ 37 billion worth of BTC, Huobi ($ 10.8 billion), Binance ($ 10.2 billion) , Bitfinex ($ 8.86 billion) and Kraken ($ 6.65 billion). respectively.
87,954 BTC worth over $ 2.8 billion using today’s BTC exchange rates has left centralized exchanges in the past 30 days, according to viewbase.com statistics. 72,727 BTC left the exchanges in the last seven days alone and there was an inflow of around 5,885 BTC on Sunday.
3,457 BTC of this daily inflow was sent to the crypto trading platform Binance on Sunday. In addition, around 1,070 BTC of 5,885 BTC were sent to the Bitfinex trading exchange on Sunday.
The data suggests that many more people are removing funds from centralized exchanges to keep Bitcoin off-custody. From this perspective, it is beneficial for the entire community to have more people holding coins without a deposit, as less money is left on exchanges prone to large-scale Bitcoin theft.
Another theory is that Bitcoin whales have adopted a new strategy instead of throwing coins in the market and buying Bitcoin from weak hands who are panicking. Bitcoin whales can remove liquidity from exchanges and decimate any type of upper barrier.
What do you think of the number of bitcoin escape exchanges last year and the 87,954 bitcoin withdrawn in the last 30 days? Let us know what you think on this matter in the comments section below.
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