![Mass exodus of Bitcoin: 2.3M BTC leaves exchanges as balance plummets below 12%](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/01/bitcoin-Insights-2.jpg&w=70&h=37&q=75)
Quick Take
- Bitcoin exchange balance falls below 12%; this was first achieved at the beginning of 2023.
- We now see substantial coins leaving exchanges; the equivalent 12% is 2.3 million Bitcoin.
- Binance holds roughly 3.5% (686,000), while Coinbase holds 2.3% (461,000).
- The black lines represent halvings, with the next halving approaching April 2024; this current halving is the first time we see a drop in exchange balance.
![Exchange Balance: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2023/05/half.png)