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Third-largest YTD Bitcoin exchange withdrawal driven by whales Third-largest YTD Bitcoin exchange withdrawal driven by whales James Van Straten · 2 years ago
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Third-largest YTD Bitcoin exchange withdrawal driven by whales

Roughly $200M worth of Bitcoin was withdrawn from exchanges on March 7.

James Van Straten / @jvs_btc / Mar. 8, 2023 at 10:42 am UTC

Definition

Breakdown of the net flow of coins into/out of exchanges by the USD value of the transactions.

Quick Take

  • Roughly $200 million of Bitcoin was withdrawn from exchanges yesterday, the third most year-to-date.
  • March 7 saw Fed Chairman Powell testifying to the Senate, in addition to the Grayscale vs. SEC case.
  • The exchange balance suggests Bitcoin was deposited on exchanges initially due to fears of higher interest rates.
  • However, whales took an opportunity to withdraw large amounts of Bitcoin amid hysteria and volatility.
Exchange Balance by Size: (Source: Glassnode)
Exchange Balance by Size: (Source: Glassnode)
Exchange Balance: (Source: Glassnode)
Exchange Balance: (Source: Glassnode)
Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

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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