IntoTheBlock: YTD record number of BTC was withdrawn from centralized crypto exchanges

On January 29, 63,960 BTC ($2.4 billion) were withdrawn from centralized crypto exchanges. This is the highest daily escape of BTC since April 18, 2021.


IntoTheBlock analysts noticed the largest outflow of bitcoins from centralized cryptocurrency exchanges in the last 10 months. In particular, on January 29, 63,960 BTC were withdrawn from centralized trading platforms, due to which there were fewer free coins to buy.

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However, IntoTheBlock data stands apart from the statistics of other analytics platforms. So, according to Santiment, centralized crypto exchanges lost 40,785 BTC over the past week. This is also a record level since September 2021, but it is strikingly inferior to IntoTheBlock’s estimates.

However, the trend is obvious: in recent months, crypto investors have been actively withdrawing digital assets from exchange accounts, thereby making it clear that they prefer either the HODL long-term storage strategy or investments in decentralized trading platforms and pools of tokenized bitcoins (wrapped bitcoin). The trend picked up in recent weeks, presumably, due to the statements of the US Federal Reserve Service (FRS) about the reduction of the program of quantitative reduction and rate hikes.

It is possible that the withdrawal of bitcoins from centralized crypto exchanges is associated with concerns about further tightening of regulation of digital assets across the world.

Via: 2Coinfox.info

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