CryptoQuant data shows that CEX has experienced a significant outflow of Bitcoin this year. Between January 1 and August 24, 2024, 330,560 BTC (worth $20.80 billion) was withdrawn from these trading platforms. Seven months ago, CEX held a total of 3,009,239 BTC, but it has now dropped to 2,678,679 BTC. If this pattern continues, the increasing scarcity of BTC could affect future market stability.
Currently, the number of bitcoin reserves on exchanges is at its lowest level since November 2018. In addition, ETH reserves on CEX have also decreased significantly, with 1.90 million ETH (worth $5.20 billion) withdrawn from these platforms since the beginning of the year. On the other hand, there is a large influx of USDT into CEX. The data shows that since January 1st, USDT on these platforms has grown from $12.60 billion to $21.70 billion.
Cumulative outflows of $26 billion BTC and ETH on CEX so far this year
2024-08-28 00:54:47
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