Bitcoin has been on a near-unstoppable rally since March’s lows of $3,700. The cryptocurrency at last week’s highs was up more than 170% from the lows, tapping $10,100 after a spectacular jump higher.<\/p>\n
This trend has been marked by crypto investors withdrawing their BTC off exchanges en-masse in a strong boost to Bitcoin’s<\/a> medium-term bull case.<\/p>\n Prominent Bitcoiner Jameson Lopp recently shared that per data from Coin Metrics<\/a>, the amount of BTC held by both BitMEX and Bitfinex \u2014 the leading futures exchange and a top spot exchange, respectively \u2014 has “reached new lows following the March 12th crash.”<\/p>\n Coin Metrics’ chart below indicates that Bitfinex now holds 93,800 BTC \u2014 not a small sum, but almost exactly 100,000 coins fewer than it held on March 13th. Similarly, BitMEX’s supply is down to 216,000 BTC from a March peak of 315,000 coins \u2014 again a decrease of almost exactly 100,000 coins.<\/p>\n The coins withdrawn have a value that amounts to over $1.7 billion.<\/p>\n The amount of BTC held by BitMEX and Bitfinex has reached new lows following the March 12th crash. Bitfinex now holds 93.8K BTC, down from 193.9k on March 13th. BitMEX\u2019s BTC supply is now down to 216.0K BTC, down from a peak of 315.7K on March 13th. H\/T @coinmetrics<\/a> pic.twitter.com\/gesZ3QahcK<\/a><\/p>\n — Jameson Lopp (@lopp) May 12, 2020<\/a><\/p><\/blockquote>\nBitcoin Is Being Withdrawn Off Exchanges En-Masse<\/strong><\/h2>\n
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