27,975 BTC Exits Exchanges in a Week, Lowest Reserve Since January
CryptoNewsTerminal Staff20 May, 2024
27,975 BTC Exits Exchanges in a Week, Lowest Reserve Since January
Data from CoinGlass reveals a significant outflow of Bitcoin (BTC) from centralized exchanges in the past seven days. Approximately 27,975 BTC, worth over $500 million, has left these exchanges, marking a 6.6% increase in BTC's value over the same period. Coinbase Pro witnessed the most significant outflow, with 15,891 BTC withdrawn. Binance followed suit with 7,669 BTC leaving the exchange. This outflow has contributed to a decline in total exchange reserves to 1.72 million BTC, the lowest level since January 2023. Despite the overall trend of outflows, Bitstamp, Gate.io, and OKX experienced increases in their BTC balances. Bitstamp added 1,612.50 BTC, while Gate.io and OKX grew their reserves by 381.25 BTC and 345.04 BTC, respectively. These outflows indicate a potential shift in investor sentiment, with holders moving their BTC into self-custody wallets. This trend suggests increased confidence in the long-term prospects of Bitcoin and a desire for greater control over their digital assets.
