Bitcoin outflows from centralized exchanges surge to 100,000 BTC per month

Bitcoin outflow Centralized exchange It has soared to its highest level so far this year, with approximately 40,000 BTC withdrawn in the past 7 days.

According to Glassnode August 2 Chain last week ReportSince September 2019, the outflow of Bitcoin has accelerated to a rate of over 100,000 BTC per month, which is the third time. The on-chain analytics provider estimates that only 13.2% of circulating BTC is currently held by exchanges—this is a new low in 2021.

The report states: “This represents a nearly complete retracement of the large inflows observed during the May sell-off.”

BTC exchange net position change-Glassnode

After the violence, by the end of April 2020, the monthly outflow soared to nearly 150,000 BTCBlack thursdayAfter the then-U.S. President Trump announced a travel ban between Europe and the United States in March, as the coronavirus pandemic intensified, crypto prices plummeted by more than 50% in less than two days. Despite the violent crash, by the end of May 2020, Bitcoin had rebounded by 150%, driving a large amount of accumulation.

In November 2020, the monthly outflow was close to 150,000 BTC again, as Bitcoin surged to test its then record price high of $20,000, and BTC rebounded to a record high next month.

Glassnode pointed out that for most of 2021, there are different trends between Coinbase and Binance. Coinbase has experienced a large outflow of funds, and Binance has been the largest recipient of BTC.

However, Binance’s reserves are now beginning to decrease, with 37,500 BTC (worth approximately $1.5 billion) exiting the exchange in the past week.

Coinbase balance remained stable in June. Although the exchange received 30,000 BTC in mid-July, it withdrew 31,000 BTC from the platform last week.

related: Traders withdraw 2,000 BTC from centralized exchanges every day

From the perspective of macro sentiment, on-chain analytics providers refer to their “activity indicators” to identify trends in holdings.

This indicator measures the ratio of the total number of days of coins destroyed to the total number of days of all coins ever created, indicating that there has been a broad accumulation trend after the immediate sell-off in May.

The report concluded: “It seems that HODLing and accumulation are the most likely dominant trends in the on-chain market.”

BTC vitality chart: Glassnode