Bitcoin exchange deposits decline, mimicking 2019’s bearish trend

exchange68September 13, 2024

0 0 1 minute read

Definition

This chart presents the relative dominance of exchange-related deposits and withdrawals with respect to all confirmed transactions.

This chart presents the following traces:

🟠 Total Transaction Count
🟢 Total Deposit Transactions
🔴 Total Withdrawal Transactions
⚫ Exchange Transaction Dominance (%)

Quick Take

Over a 14 DMA, Bitcoin deposits head lower as 2023 progresses, in line with the 2019 bear market.
However, since the FTX collapse, Bitcoin withdrawals have been greater than deposits for the first time in Bitcoin history.
This trend has continued into 2023, but the gap is getting closer between deposits and withdrawals.
The transaction count is up considerably, mainly due to the traction of Ordinals.

Exchange Transaction Dominance: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.