Cryptocurrency

Bitcoin worth $120M withdrawn from exchanges on Jan. 10

Hull Invest

About $120 million worth of Bitcoin (BTC) was withdrawn from cryptocurrency exchanges on January 10, according to Glassnode data.

About $50 million was withdrawn from Binance and $30 million was withdrawn from Coinbase.

bitcoin withdrawal
Source: Glassnode

The chart above shows that since the beginning of 2023, there have been more BTC outflows than inflows to cryptocurrency exchanges.

According to the chart, the most significant BTC inflow was around $80 million on January 4, while the exchange confirmed an outflow worth around $40 million on the same day.

On other days, businesses almost always have more outflows than inflows.

CryptoSlate research reports that Bitcoin balances on exchanges plummeted towards the end of last year after the collapse of FTX. During the FUD heyday, on Binance he withdrew over $600 million in BTC from his reserves in a single day, while on Coinbase he withdrew about $3.5 billion of his BTC in November.

Among all these withdrawals, the illiquid supply of BTC in cold or hot storage wallets exceeded 15 million coins. This shows that crypto investors favored self-management for FTX implosion.

Meanwhile, a Bitcoin core developer suffered a loss of over 216 BTC, revealing self-control issues.

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