March 4, 2024

Glassnode: Bitcoin volumes on exchange wallets are reduced from March 12

Glassnode analysts report that since “Black Thursday” on March 12, when Bitcoin fell by 50%, BTC volumes have increased bycentralized exchange wallets continue to decline.

Now on the wallets of exchanges lies about 2.3 million BTC. This is the lowest figure since May 22 of last year. If until March 12, 14.1% of the total number of bitcoins was stored on exchange wallets, now this figure has dropped to 12.5%.

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Since March 12, approximately 300,000 BTC have been withdrawn from exchange wallets. In dollar terms, assets on exchange addresses have dropped by $3 billion and now stand at about $23 billion.

Most Bitcoins were withdrawn with BitMEX,Huobi and Bitfinex. Moreover, 100,000 BTC were withdrawn from the addresses of the first two exchanges. It is possible that traders left the derivatives market, since BitMEX and Huobi are among the leaders in terms of derivatives trading volumes.

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On the other hand, ETH volumes on exchange walletskeep growing. Over the past two years, the volumes of the second cryptocurrency on exchange wallets have steadily increased, and from 5.6 million ETH have grown to 18.6 million ETH. Thus, centralized exchanges store about 17% of all issued coins.

In April, Glassnode researchers suggested that BTC holders were withdrawing coins from cryptocurrency exchanges in anticipation of a halving of the reward to miners and in the hope of an increase in the rate.

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