Bitstamp asserts 1% outflow, denies Bitcoin withdrawals totaling $600 million Bitstamp asserts 1% outflow, denies Bitcoin withdrawals totaling $600 million

Bitstamp asserts 1% outflow, denies Bitcoin withdrawals totaling $600 million

Data via Glassnode

Major exchanges see Bitcoin reserves dwindle after substantial outflow events.

[Editor’s Note: Bitstamp has since stated that Glassnode and Arkham Intelligence data does not accurately reflect current Bitcoin outflows from its Exchange. In an X post, the exchange asserted that outflows were 1% of holdings as opposed to the “38%” depicted on Glassnode. Specifically,

“[Glassnode] is inaccurately reporting a drop in our BTC balance. The wallets they have reported on are only a selection of our wallets used for day-to-day operational transactions. In fact, our net outflow was 1%, rather than the highly inaccurate 38% mentioned. Additionally, we have no affiliation with HTX.”

The below insight is unchanged from our original reporting while we investigate this issue. The above clarification has been included for transparency.]

UPDATE 2: Glassnode has now added a disclaimer to the Bitstamp charts stating they it is “updating the labels for Bitstamp. The revised data will be available shortly.”

Quick Take

Yesterday, Nov. 22, marked the second-largest Bitcoin outflow of the year from digital asset exchanges, just over $600 million.

Exchange Netflow: (Source: Glassnode)
Exchange Netflow: (Source: Glassnode)

As observed by CryptoSlate, these outflows predominantly originated from two major platforms – Binance and Bitstamp. Post the Department of Justice (DOJ) and Binance agreement, Binance saw an exodus of approximately 8,000 Bitcoin, equivalent to nearly $288 million reported on Nov. 21.

Another sharp decrease was spotted on Bitstamp, with a drain of about 16,500 Bitcoin. This outflow, valued roughly at $600 million, has also been confirmed via Arkham Intelligence Platform, evidencing the transaction in five increments of 3,300 Bitcoin each, 16 hours ago.

Bitstamp Withdrawals: (Source: Arkham Intelligence)
Bitstamp Withdrawals: (Source: Arkham Intelligence)

Consequently, Bitstamp’s Bitcoin reservoir stands depleted, now housing approximately 24,000 BTC.

Exchange Balance Bitstamp: (Source: Glassnode)
Exchange Balance Bitstamp: (Source: Glassnode)

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