Insights

Third-largest YTD Bitcoin exchange withdrawal driven by whales

exchange68September 13, 2024

0 1 1 minute read

Definition

Breakdown of the net flow of coins into/out of exchanges by the USD value of the transactions.

Quick Take

Roughly $200 million of Bitcoin was withdrawn from exchanges yesterday, the third most year-to-date.
March 7 saw Fed Chairman Powell testifying to the Senate, in addition to the Grayscale vs. SEC case.
The exchange balance suggests Bitcoin was deposited on exchanges initially due to fears of higher interest rates.
However, whales took an opportunity to withdraw large amounts of Bitcoin amid hysteria and volatility.

Exchange Balance by Size: (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.

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