Crypto exchange users daily withdraw 2,000 BTC worth over $ 66 million to external wallets, according to the analytical company Glassnode. It published a report according to which the outflow of cryptocurrency from trading floors observed since the end of May. The volume of BTC on crypto exchanges returns to the April figures. When the price maximum was near $ 65 thousand.
Glassnode noted that the growth of Bitcoin quotes was accompanied by the withdrawal of cryptocurrency from exchanges. In May, investors began to send their coins to exchanges for sale, while the asset price began to fall. And on June 22 at the moment it fell below $ 29 thousand. That is, in May, when the BTC price collapsed, many sent their coins to exchanges in order to sell. Now the volume of withdrawals from exchanges is much higher than the volume of deposits.
Often, the outflow of funds from crypto exchanges associated with active purchases. For example, on the evening of May 19, after the Bitcoin rate fell by a third per day, to $ 30 thousand, the largest withdrawal of digital coins was recorded in a year. Users withdrew to cold wallets about 175 thousand BTC for $ 7 billion at the exchange rate at that time.
Investors accumulate BTC again
Analysts note that most of the BTC concentrated in the GBTC trust or settled in the wallets of institutional investors. What led to a significant outflow of cryptocurrency from exchanges. However, when Bitcoin crashed just as suddenly in mid-May, the situation changed. Alarmists began depositing BTC on exchanges for the purpose of selling. Now everything has changed on the market and Bitcoins from the exchanges are again flowing into the wallets of investors.
The report also said that the share of exchange-traded deposits in Bitcoin fees dropped to 14% over the past week, after rising to 17% in May. Withdrawal transactions have skyrocketed from 3.7% to 5.4% this month. It also suggests that Bitcoin users prefer to accumulate rather than sell.
That is, now investors are gradually accumulating cryptocurrency in anticipation of its growth.
In addition to the obvious outflow of BTC from exchanges, there is another trend – users began to transfer more assets to projects from the decentralized finance space.
Since June 26, DeFi funds have grown by 21% to $ 111 billion. That is, at the moment, the trend is mainly supported by the rapid growth of DeFi.
This is not surprising – now a huge amount of funds are blocked in the field of decentralized finance.
Many analysts interpret this as a sign of an imminent stage of growth, because users are massively withdrawing crypto from trading platforms for its storage for a long time. Accordingly, they are counting on the growth of the exchange rate and making a profit.
The desire to wait for the rise in the Bitcoin exchange rate and keep your coins safe is not enough for the mass withdrawal of BTC. Today, they are also used for the niche of decentralized finance, which is growing at a crazy pace. And since the volume of tokenized bitcoins on the Ethereum network is in the tens of thousands, many of them were clearly on the exchanges before.
Judging by the situation, the cryptocurrency market is indeed directed towards growth. And although Bitcoin occasionally shows volatility, its position is more than good.