Home CryptocurrencyAltcoin Bitcoin Exchanges See BTC Supply Drop By 180,000 As BTC Sells Mt

Bitcoin Exchanges See BTC Supply Drop By 180,000 As BTC Sells Mt

by SuperiorInvest

Bitcoin (BTC) exchanges may have just seen the biggest exodus of user funds ever, data suggests.

Data from an analytics firm in the chain Glassnode shows that on November 23, major exchanges dropped nearly 179,000 BTC in monthly withdrawals.

Major exchanges see record BTC withdrawals

With the FTX contagion still in the air, exchange users have been busy withdrawing funds to non-custodial wallets.

Like Cointelegraph reported$3 billion worth of cryptocurrency left the major platforms immediately after the FTX implosion.

That trend continues, Glassnode shows, with its data showing the biggest drop in BTC reserves on the exchange in the 30 days to November 23.

The Glassnode Exchange Net Position Change metric shows the 30-day change in BTC supply held in exchange wallets at -178,683 BTC. The metric covers 20 exchanges, including FTX.

BTC exchange net position change chart. Source: Glassnode

On a day-to-day basis, exchange user habits remain volatile. After seeing daily outflows of nearly 140,000 BTC on November 9 alone, exchanges processed fewer withdrawals, with a local low of under 19,000 BTC recorded on November 19.

However, the trend has since reversed, with outflows totaling over 86,000 BTC on November 23, according to Glassnode.

Total volume of BTC transfer from stock exchange chart. Source: Glassnode

HitBTC receives deposit to hack Mt. Gox

Elsewhere, a partner platform for string analysis CryptoQuant raised alarm about a large BTC tranche from the Mt exchange hack. Gox in 2014.

Related: Crypto survived worse than FTX crash: Chainalysis

According to CEO Ki Young Ju, the stolen BTC is on the move and 65 BTC has been sent to the HitBTC exchange.

“The 7-year $10,000 BTC moved today. No wonder it’s from criminals, like most old bitcoins. It is BTC-e exchange wallet related to Mt hack. Gox from 2014. They sent 65 BTC to hitbtc a few hours ago, so it’s not a government auction or anything.” he tweeted.

Ki challenged HitBTC to freeze the funds from the incoming wallet.

Influx of Bitcoin exchanges (BTC last moved at least 7 years ago). Source: CryptoQuant

Meanwhile, separate research from Chainalysis has been noted bulk processing coins of Mt. Gox associated with the BTC-e exchange, which itself ended in 2017.

Several exchanges, along with private wallets and others, have received BTC-e bitcoins in recent weeks, she explained blog post on November 23.

Like Cointelegraph reportedthe movement of old coins in September also caused panic as the rehabilitation process of Mt made it to the end.

This article does not contain investment advice or recommendations. Every investment and trading step involves risk and readers should do their own research when making decisions.