Bitcoin withdrawals surpass deposits for the second time in six months

Quick Take

• The following chart presents the relative dominance of exchange-related deposits and withdrawals with respect to all confirmed transactions, according to Glassnode data as of June 16. The chart presents the following traces:
  •  Total Transaction Count
  •  Total Deposit Transactions
  •  Total Withdrawal Transactions
  •  Exchange Transaction Dominance (%)
• In the past six months, exchange withdrawals have surpassed exchange deposits for the second time.
• The first time this happened was during the FTX collapse in 2022, as investors started to take custody of their coins and remove them from exchanges.
• This trend continued into 2023  but then started to drop off.
• However, we are now seeing withdrawals start to outpace deposits again, which first started on June 5, the day of the first SEC lawsuit.
• This trend has continued, and divergence has only grown.
• The current exchange withdrawals are 58,000 Bitcoin, while exchange deposits are 49,000 Bitcoin.

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