Bitcoin exchange deposits decline, mimicking 2019’s bearish trend Definition
This chart presents the relative dominance of exchange-related deposits and withdrawals with respect to all confirmed transactions.
This chart presents the following traces:
- 🟠 Total Transaction Count
- 🟢 Total Deposit Transactions
- 🔴 Total Withdrawal Transactions
- ⚫ Exchange Transaction Dominance (%)
Quick Take
- Over a 14 DMA, Bitcoin deposits head lower as 2023 progresses, in line with the 2019 bear market.
- However, since the FTX collapse, Bitcoin withdrawals have been greater than deposits for the first time in Bitcoin history.
- This trend has continued into 2023, but the gap is getting closer between deposits and withdrawals.
- The transaction count is up considerably, mainly due to the traction of Ordinals.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
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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.