Smaller exchanges see around $200M in Bitcoin withdrawn over past week Smaller exchanges see around $200M in Bitcoin withdrawn over past week
Blockchain analytical firm Santiment said Bitcoin's existing supply has been moving to self-custody since its value crossed $23,000.
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Updated: Feb. 8, 2023 at 7:34 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Around $200 million worth of Bitcoin (BTC) was withdrawn from smaller exchanges over the past week, according to Glassnode’s data as analyzed by CryptoSlate.
Gate.io recorded the highest withdrawals during this period โ the exchange saw $120 million. It was followed by Bithumb, which saw $60 million in withdrawals, and Luno, with $45 million in withdrawals.
The charts below detail the extent of the withdrawals across these exchanges:
Meanwhile, the withdrawals were not restricted to the smaller exchanges alone. Coinglass’s data showed that the amount of Bitcoin on exchanges plummeted over the previous seven days.
According to the data, Binance’s balance reduced by 4,726 BTC in the last seven days, while Coinbase and Kraken dropped by 1,961 BTC and 1,384 BTC, respectively.
The data were further corroborated by the blockchain analytical firm Santiment. The firm said BTC’s existing supply has been moving to self-custody since the assets price crossed $23,000 in early February. It added that there are only 1.47 million Bitcoin on exchanges โ the lowest amount since November 2018.
Santiment said:
“There is now $416.5 billion in BTC sitting away from exchanges, and $29.2 billion in BTC on exchanges.”
Crypto investors increasingly favored self-custody following the FTX collapse of last year.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Gate.io
Gate Technology’s mission is to serve the blockchain industry by providing secure and reliable products to consumers and companies around the world.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.