Trends in Bitcoin exchange withdrawals are evident as the forthcoming halving together with “pent-up institutional demand” from spot ETFs work to reduce the quantity of BTC accessible. Since the debut of exchange-traded funds (ETFs) in the United States, about $10 billion worth of Bitcoin BTC tickers down $69,769 have departed cryptocurrency exchanges.
According to data from the on-chain monitoring company Glassnode, exchanges have lost over 136,000 BTC since January 11.
Trends On Bitcoin Exchanges Do Not Indicate Profit-Taking
The mechanics of the bitcoin supply are still favoring bulls since exchanges are witnessing large withdrawals this quarter.
In the short period that the U.S. spot Bitcoin ETFs have been trading, prominent trading platforms have seen the withdrawal of almost $9.5 billion worth of BTC. The total amount of it in the exchange data that Glassnode was tracking as of March 28 was 2,320,458, the lowest since April 2018. The tendency doesn’t appear to be abating. According to Glassnode, withdrawals on March 27 alone amounted to over 22,000 BTC ($1.54 billion), making it the third-largest day total of 2024. A contributor to the on-chain analytics site CryptoQuant, J.A. Maartunn, examined market movements and discovered a massive transfer of stablecoin USD Coin USDC tickers below $1.00 to Coinbase, the biggest cryptocurrency exchange in the United States.
