FTX’s declaration of bankruptcy following liquidity woes seems to have driven investors away from centralized exchanges. Investors who turned to self-help flocked to the stock markets to withdraw their holdings.
of glassnode According to the Week on the Chain report published on November 21, 172,700 net Bitcoins (BTC) have been withdrawn from exchanges in the past 30 days. This value represents the highest monthly value ever withdrawn from cryptocurrency exchanges.
According to the news of Cointelegraph, the previous monthly BTC withdrawal record was broken in June 2022. But the new value dwarfs the previous record.
Withdrawals from exchanges mostly mean that investors are not planning to sell anytime soon and are interpreted as an expectation of a rise in price. However, the decline in confidence in centralized exchanges after FTX’s bankruptcy may have played a role in attracting investors.
The net change in the Bitcoin positions of exchanges. Source: Glassnode
Glassnode data also shows an increase in the transaction rate associated with exchanges. Over the past two weeks, the number of daily transactions has exceeded 246,000. Nearly half of them are transactions related to exchanges.
Withdrawal transactions stand out among exchange-related transactions with a rate of 29.2 percent.