Reported by Cointelegraph, Bitcoin is leaving exchanges at the quickest rate in years as BTC price action vies for all-time highs.
In a post on X on March 3, James Van Straten, research and data analyst at crypto insights firm CryptoSlate, flagged multibillion-dollar BTC withdrawals.
Mainstream investors may not yet have returned to crypto, but in the background, Bitcoin exchanges are getting drained of BTC reserves.
Uploading data from on-chain analytics firm Glassnode, Van Straten revealed that on March 1 alone, withdrawals were around $2 billion.
“I don’t think I’ve quite seen anything like this before,” he commented.
Van Straten noted the role of the United States spot Bitcoin exchange-traded funds (ETFs), excluding approximately $200 million sent to custodian Coinbase Pro.
“Binance saw about $400M, and seen fairly big outflows for the past few days,” he continued.
“Coinbase saw the rest. Binance outflows are the interesting ones because they have nothing to do with the ETF.”
Glassnode puts the total BTC assets available on the major trading platform it monitors at 2,286,347 BTC ($142.5 billion) as of March 2.
This is the lowest amount since March 2018, when BTC/USD traded at just $8,000.
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