Outflows at 7-month lows suggest Bitcoin exchange users have a case of amnesia.
According to on-chain analytics firmStill not your keys, still not your coins?“Do Nothing December,” exchange users’ habits are also rapidly adjusting to the current climate.
After seeing an overwhelming surge in light of the FTX meltdown, BTC withdrawals from exchange wallets have entirely reversed the spike which began around six weeks ago. Having hit a peak of 142,788 BTC on Nov. 14, outflows from the trading platforms tracked by Glassnode have declined over ten times. On Dec. 25, the latest date for which numbers are available, total exchange outflows came in at just 9,352 BTC — a drop of 93.5%.More than that, the last time that outflows were so low on a daily basis was seven months ago in May., in the immediate aftermath of FTX, exchange reserves declined by over $3 billion in a single week.
Exchanges’ BTC balance stood at 2.252 million BTC on Christmas Day, a drop of nearly 21% versus the 2022 peak of 2.845 million BTC from January.Record low volatility is meanwhile showing in on-chain data, with hodlers reluctant or in little need of moving coins.
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