Bitcoin worth $120M withdrawn from exchanges on Jan. 10

Around $120 cardinal worthy of Bitcoin (BTC ) was withdrawn from crypto exchanges connected Jan. 10, according to Glassnode’s data.

Roughly $50 cardinal of the withdrawals came from Binance, portion $30 cardinal was pulled from Coinbase.

Source: Glassnode

The supra illustration shows that determination person been much BTC outflows than inflows connected crypto exchanges since the opening of 2023.

According to the chart, the astir important BTC inflow was astir $80 million, which occurred connected Jan. 4 –however, exchanges saw outflows worthy astir $40 cardinal connected the aforesaid day.

On different days, the firms person mostly seen much outflows than inflows.

CryptoSlate probe reported that Bitcoin balances connected exchanges declined sharply toward the extremity of past twelvemonth pursuing FTX’s collapse. At the tallness of the FUD, Binance saw implicit $600 cardinal BTC withdrawn from its reserve successful a azygous day, portion Coinbase saw BTC withdrawals of astir $3.5 cardinal successful November.

Amid each these withdrawals, BTC’s illiquid supply successful acold oregon blistery retention wallets passed 15 cardinal coins. This showed that crypto investors favored self-custody due to the fact that of FTX’s implosion.

Meanwhile, self-custody challenges were laid bare erstwhile a Bitcoin halfway developer lost implicit 216 BTC to a compromise.

The station Bitcoin worthy $120M withdrawn from exchanges connected Jan. 10 appeared archetypal connected CryptoSlate.