A Record Amount of Bitcoin’s Recently Withdrawn from Exchanges
On July 8, a record number of Bitcoins were removed from exchanges, led by Coinbase, setting a new record for net Bitcoins (BTC) removed from a custodial exchange’s depository.
The Coinbase Way!!
Recently an attack was led by Coinbase, and according to Glassnode, 20,660 Bitcoins were removed from the exchange yesterday. According to CoinDesk, the attack on the Bitfinex exchange led by Coinbase, some of the 20,660 Bitcoins were deposited on July 8, 2016, at the same time as the attack.
The Bullish Price Comparison
Subsequently, this may sound like a bad thing for the market at first, but it has incredibly bullish implications, offering a very optimistic outlook for the future of Bitcoin. New data shows that crypto investors and traders withdrew their BTC from cryptocurrency exchanges after the third halving of the BTC price on May 11, 2017, and the subsequent fall in BTC’s price.
While Coinbase recorded a negative Bitcoin outflow, it recorded almost a thousand more deposits and withdrawals. Interestingly, Coinbase alone recorded a rise in withdrawals from the stock market of more than 1,000%. Besides Coinbase, other downstream exchanges also recorded a small increase, but there was no increase in withdrawals, which is usually considered bullish.
Although there was a negative outflow overall, the average withdrawal amount was higher than the average deposit amount, which means it is possible to distort it. The trend of users withdrawing their assets from exchanges continues to lead to recent outflows of Bitcoin.
