{"id":549958,"date":"2023-09-04T16:30:25","date_gmt":"2023-09-04T16:30:25","guid":{"rendered":"https:\/\/uniquehot.com\/?p=549958"},"modified":"2024-06-11T07:07:00","modified_gmt":"2024-06-11T07:07:00","slug":"bitcoin-exchanges-straight-months-withdrawals-ever","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-exchanges-straight-months-withdrawals-ever\/","title":{"rendered":"Bitcoin Exchanges See Three Straight Months Of Withdrawals For First Time Ever"},"content":{"rendered":"

On-chain data shows exchanges have seen net Bitcoin withdrawals during the past three months, the longest streak in the asset’s history.<\/p>\n

Exchanges See Bitcoin Withdrawals Exceed Deposits For Three Consecutive Months<\/h2>\n

An analyst on X<\/a> explained that the total number of Bitcoin exchange withdrawals has been more than the deposits recently. The number of deposits and withdrawals and the number of such transactions are referred to here.<\/p>\n

All transfers on the network that go from a self-custodial wallet to a central exchange entity would count as deposit transactions, while those that go the opposite way would be withdrawals.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin exchange withdrawals and deposits over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

How the two metrics have changed in value in recent years | Source: @ali_charts on X<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin exchange withdrawal transactions have been higher than the deposit transactions for around three months. This streak is a record for the cryptocurrency, as deposits have usually surged back above withdrawals before long whenever this pattern forms.<\/p>\n
There could be multiple interpretations of what this unusual run of withdrawals might say about the market. The analyst has listed a few hypotheses that may explain this trend.<\/p>\n
Related Reading: This Metric Hinted At The Bitcoin Retrace In Advance<\/a><\/div>\n
First and perhaps the most obvious one could be that the holders choose to hold their Bitcoin for extended periods instead of participating in trading or selling (which they generally use exchanges for).<\/p>\n
The second explanation may be that the investors have become more cautious of central entities, so they opt for the security that self-custodial wallets provide. This would make sense in light of several bankruptcies the sector has seen during the past year, where known names like FTX<\/a> have gone down.<\/p>\n
Another hypothesis is just the reverse of the first one: the withdrawals are normal, but the deposits are muted, a result of holders not wanting to sell their coins through these platforms, so they aren’t making that many deposits anymore.<\/p>\n
Related Reading: This Could Be The Metric To Watch For A Bitcoin Bounce: Santiment<\/a><\/div>\n
Finally, the analyst notes, “given the recent regulatory changes in the US, investors prefer to keep their assets off exchanges to avoid potential complications.” Binance, the largest exchange in the world in terms of trading volume, has particularly been under fire<\/a> lately.<\/p>\n
Another analyst has looked at the individual exchange reserves<\/a> (the total amount of Bitcoin sitting in a platform’s wallets) of Binance and Coinbase in a CryptoQuant Quicktake post<\/a>, to see how they have shifted over the years.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the value of the metric is red currently | Source: CryptoQuant<\/a><\/pre>\n
Binance had been seeing growing Bitcoin reserves for a good chunk of the past year (despite factors like the bear market), but the exchange has been seeing net withdrawals recently.<\/p>\n
Coinbase, on the other hand, has been seeing withdrawals for quite a while now, implying that the platform has constantly been bleeding coins.<\/p>\n
\"Coinbase<\/p>\n
The exchange continues to see outflows | Source: CryptoQuant<\/a><\/pre>\n
BTC Price<\/h2>\n
Bitcoin has remained stagnant recently as the asset is still priced around the $25,900 level.<\/p>\n
\"Bitcoin<\/p>\n
BTC continues to consolidate sideways | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows exchanges have seen net Bitcoin withdrawals during the past three months, the longest streak in the asset’s history. Exchanges See Bitcoin Withdrawals Exceed Deposits For Three Consecutive Months An analyst on X explained that the total number of Bitcoin exchange withdrawals has been more than the deposits recently. The number of deposits and withdrawals and the number of such transactions are referred to here. All transfers on the network that go from a self-custodial wallet to a central exchange entity would count as deposit transactions, while those that go the opposite way would be withdrawals. Now, here is a chart that shows the trend in the Bitcoin exchange withdrawals and deposits over the last few years: How the two metrics have changed in value in recent years | Source: @ali_charts on X As displayed in the above graph, the Bitcoin exchange withdrawal transactions have been higher than the deposit transactions for around three months. This streak is a record for the cryptocurrency, as deposits have usually surged back above withdrawals before long whenever this pattern forms. There could be multiple interpretations of what this unusual run of withdrawals might say about the market. The analyst has listed a few hypotheses that may explain this trend. Related Reading: This Metric Hinted At The Bitcoin Retrace In Advance First and perhaps the most obvious one could be that the holders choose to hold their Bitcoin for extended periods instead of participating in trading or selling (which they generally use exchanges for). The second explanation may be that the investors have become more cautious of central entities, so they opt for the security that self-custodial wallets provide. This would make sense in light of several bankruptcies the sector has seen during the past year, where known names like FTX have gone down. Another hypothesis is just the reverse of the first one: the withdrawals are normal, but the deposits are muted, a result of holders not wanting to sell their coins through these platforms, so they aren’t making that many deposits anymore. Related Reading: This Could Be The Metric To Watch For A Bitcoin Bounce: Santiment Finally, the analyst notes, “given the recent regulatory changes in the US, investors prefer to keep their assets off exchanges to avoid potential complications.” Binance, the largest exchange in the world in terms of trading volume, has particularly been under fire lately. Another analyst has looked at the individual exchange reserves (the total amount of Bitcoin sitting in a platform’s wallets) of Binance and Coinbase in a CryptoQuant Quicktake post, to see how they have shifted over the years. Looks like the value of the metric is red currently | Source: CryptoQuant Binance had been seeing growing Bitcoin reserves for a good chunk of the past year (despite factors like the bear market), but the exchange has been seeing net withdrawals recently. Coinbase, on the other hand, has been seeing withdrawals for quite a while now, implying that the platform has constantly been bleeding coins. The exchange continues to see outflows | Source: CryptoQuant BTC Price Bitcoin has remained stagnant recently as the asset is still priced around the $25,900 level. BTC continues to consolidate sideways | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":549968,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,89302,89303,1119,1144],"class_list":["post-549958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-exchange-deposits","tag-bitcoin-exchange-withdrawals","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Exchanges See Three Straight Months Of Withdrawals For First Time Ever<\/title>\n<meta name=\"description\" content=\"On-chain data shows exchanges have seen net Bitcoin withdrawals during the past three months, the longest streak in the asset's 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Exchanges See Three Straight Months Of Withdrawals For First Time Ever","url":"http:\/\/uniquehot.com\/news\/bitcoin-exchanges-straight-months-withdrawals-ever\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-exchanges-straight-months-withdrawals-ever\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/kanchanara-4KJJezDyo3M-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/kanchanara-4KJJezDyo3M-unsplash.jpg?fit=6000%2C4000"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin exchange deposits","bitcoin exchange withdrawals","btc","btcusd"],"dateCreated":"2023-09-04T16:30:25Z","datePublished":"2023-09-04T16:30:25Z","dateModified":"2024-06-11T07:07:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Exchanges See Three Straight Months Of Withdrawals For First Time Ever\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-exchanges-straight-months-withdrawals-ever\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-exchanges-straight-months-withdrawals-ever\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/kanchanara-4KJJezDyo3M-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/kanchanara-4KJJezDyo3M-unsplash.jpg?fit=6000%2C4000\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin exchange deposits\",\"bitcoin exchange withdrawals\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-09-04T16:30:25Z\",\"datePublished\":\"2023-09-04T16:30:25Z\",\"dateModified\":\"2024-06-11T07:07:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/kanchanara-4KJJezDyo3M-unsplash.jpg?fit=6000%2C4000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/549958"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=549958"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/549958\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/549968"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=549958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=549958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=549958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}