quick take
- The following graph shows the relative dominance of currency-related deposits and withdrawals for all confirmed transactions, according to Glassnode data as of June 16. This graph shows the following traces:
- total transactions
Deposit Transaction Total
Total Withdrawal Transactions
Forex Trading Advantage (%)
- For the second time in the past six months, foreign exchange withdrawals exceeded foreign exchange deposits.
- The first time this happened was during the FTX collapse in 2022, when investors started hoarding and removing coins from exchanges.
- This trend continued until 2023, after which it began to decline.
- But now, withdrawals are starting to outpace deposits for the first time on June 5th, when the first SEC lawsuit was filed.
- This trend continues and the gap is only widening.
- Current exchange withdrawal is 58,000 Bitcoin and exchange deposit is 49,000 Bitcoin.
Bitcoin withdrawals surpassing second deposits in the past six months were first listed on CryptoSlate.
