RATE Group | Bitcoin Investors Move Millions in BTC, Shifting Funds Away From Cryptocurrency Exchange…
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Bitcoin Investors Move Millions in BTC, Shifting Funds Away From Cryptocurrency Exchange…

28 Mar Bitcoin Investors Move Millions in BTC, Shifting Funds Away From Cryptocurrency Exchange…

Posted at 13:23h in Cryptocurrency News by

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New on-chain data suggests Bitcoin (BTC) investors are paying close attention to their funds amid the recent crypto crash and rising global economic turmoil.

According to the crypto analytics firm Glassnode, cryptocurrency traders are withdrawing their BTC from exchanges at a rapid rate and moving it to private wallets, bringing the amount of BTC on exchanges to their lowest levels in approximately eight months.

“Despite the volatility, Bitcoin holders appear to be withdrawing their funds from exchanges.

Outflow has been increasing daily since March 18. According to our labels, BTC exchange balances are the lowest they’ve been in ~8 months.”

Source: Glassnode

There are a number of potential explanations for the mass exodus of BTC from exchanges. Traders may be:

  1. Choosing to maintain custody of their own assets without middlemen
  2. Deciding to hold on for the long term and cease trading
  3. Concerned about the liquidity of crypto exchanges amid the…

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