Nearly $38,000,000,000 in Bitcoin Have Left Crypto Exchanges Since February 2020: Digital Asset Insights Firm Glassnode

Blockchain analytics firm Glassnode reveals that Bitcoin’s supply on crypto exchanges is in a sustained downtrend since early 2020 as users withdraw BTC at a staggering rate.

Glassnode tells its 368,300 Twitter followers that 617,000 BTC, currently worth $37.97 billion, have moved out of crypto exchanges in a span of 20 months.

The crypto insights firm notes that the Bitcoin balance on exchanges has plunged from 3.09 million BTC ($190.01 billion) in February 2020 to 2.47 million BTC ($152.02 billion) in October 2021, marking a 20% decrease in less than two years.

“Bitcoin balance held on exchanges has continued to decline this week.

Balances have fallen to 2.47 million BTC, returning to levels last seen in Aug 2018.

Since Feb 2020, the average rate of outflow has been 30,850 BTC per month.”

Glassnode is also keeping a close eye on the Bitcoin exchange net position change metric, which tracks the 30-day change of BTC’s supply held in the wallets of crypto exchanges. According to Glassnode, outflows have been persistent throughout 2021 except for the months of May, June and July.

“Current outflows are around 22,000 ($1.35 billion) BTC per month or around 71% of the long-term average noted above (30,850 BTC).”

Looking at long-term holders (LTH), or entities that have kept their BTC dormant for at least five months, the crypto analytics firm says the investor cohort has accumulated a whopping $148.95 billion worth of Bitcoin over the last seven months.

“During an extraordinary accumulation period since March, LTHs added 2.42 million BTC to wallets.”

Check Price Action



Don\’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox



Follow us on Twitter, Facebook and Telegram



Surf The Daily Hodl Mix


Leave a Reply

Your email address will not be published. Required fields are marked *

Blockchain

Facebook’s Head of Crypto Quits Weeks After Meta Rebranding

Facebook, now known as Meta, has only begun its development, post the commencement of the company’s rebranding. However, shockingly, one of the core team members, i.e., the head executive of the cryptocurrency department, David Marcus has announced his departure from the company by the end of this month. Marcus took to Twitter yesterday, unveiling the […]

Read More
Blockchain

Just-In: Crypto.com Buys Two Crypto Derivatives Platforms in the US For $216 Million

Crypto.com, the popular crypto trading platform is looking to expand its footprint in the US with a $216 million purchase. The crypto trading platform bought two crypto derivatives exchanges from the financial group IG Group Holdings. The deal is expected to commence by the first half of 2022.  Kris Marszalek, co-founder, and chief executive officer […]

Read More
Blockchain

CB Insights Report: Crypto Investments & Startups in the US See 587% Hike Amid China’s Crypto Ban

Since the commencement of the Q4, crypto has experienced exceptional bulls, globally. Especially, given China’s active approach towards implementing a crypto ban, the former crypto hub’s start ups and investment giants are now moving into the US crypto market. According to CB Insight’s latest report, the value of venture investments in to crypto shot through […]

Read More