Smaller exchanges see around $200M in Bitcoin withdrawn over past week

Around $200 cardinal worthy of Bitcoin (BTC) was withdrawn from smaller exchanges implicit the past week, according to Glassnode’s information arsenic analyzed by CryptoSlate.

Gate.io recorded the highest withdrawals during this play — the speech saw $120 million. It was followed by Bithumb, which saw $60 cardinal successful withdrawals, and Luno, with $45 cardinal successful withdrawals.

The charts beneath item the grade of the withdrawals crossed these exchanges:

Source: Glassnode

Source: Glassnode

Source: Glassnode

Meanwhile, the withdrawals were not restricted to the smaller exchanges alone. Coinglass’s data showed that the magnitude of Bitcoin connected exchanges plummeted implicit the erstwhile 7 days.

According to the data, Binance’s equilibrium reduced by 4,726 BTC successful the past 7 days, portion Coinbase and Kraken dropped by 1,961 BTC and 1,384 BTC, respectively.

The information were further corroborated by the blockchain analytical steadfast Santiment. The steadfast said BTC’s existing proviso has been moving to self-custody since the assets terms crossed $23,000 successful aboriginal February. It added that determination are lone 1.47 cardinal Bitcoin connected exchanges — the lowest magnitude since November 2018.

Source: Santiment

Santiment said:

“There is present $416.5 cardinal successful BTC sitting distant from exchanges, and $29.2 cardinal successful BTC connected exchanges.”

Crypto investors progressively favored self-custody pursuing the FTX illness of past year.

The station Smaller exchanges spot astir $200M successful Bitcoin withdrawn implicit past week appeared archetypal connected CryptoSlate.