Third-largest YTD Bitcoin exchange withdrawal driven by whales

Roughly $200M worth of Bitcoin was withdrawn from exchanges on March 7.

James Van Straten
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James Van Straten
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
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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  • Roughly $200 million of Bitcoin was withdrawn from exchanges yesterday, the third most year-to-date.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)
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James Van Straten
James Van Straten
Former Lead Analyst 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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