Withdrawals exceed deposits on Bitcoin exchanges in record-breaking streak

Quick Take

• In a notable shift this year, withdrawals from Bitcoin exchanges have noticeably exceeded deposits. In fact, around 53,000 Bitcoins have been withdrawn, surpassing the 47,000 Bitcoins deposited. This pattern began in early June and has consistently persisted throughout the month, becoming the longest such trend in recorded history.
• Simultaneously, the number of coins held on exchanges has dropped, reaching 2.272 million, the lowest tally for the year. This trend aligns with the observed withdrawal increase, underscoring a significant shift in Bitcoin exchange dynamics.
• According to Glassnode, the below chart presents the relative dominance of exchange-related deposits and withdrawals with respect to all confirmed transactions.

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