About $120 million worth of Bitcoin (BTC) was withdrawn from cryptocurrency exchanges on Jan. 10, according to data from Glassnode.
Approximately $50 million of the withdrawals came from Binance, while $30 million was withdrawn from Coinbase.
The chart above shows that there have been more BTC out than in from cryptocurrency exchanges since early 2023.
According to the chart, the most significant BTC inflow was around $80 million, which happened on January 4; however, the exchanges saw approximately $40 million worth of outflows on the same day.
On other days, companies have mostly seen more exits than entrances.
CryptoSlate research reported that Bitcoin balances on exchanges dropped sharply towards the end of last year following the FTX crash. At the height of FUD, Binance saw more than $600 million of BTC withdrawn from its reserve in a single day, while Coinbase saw approximately $3.5 billion of BTC withdrawn in November.
Amid all these withdrawals, the illiquid supply of BTC in hot or cold storage wallets exceeded 15 million coins. This showed that crypto investors favored self-custody due to the FTX implosion.
Meanwhile, self-custody challenges were laid bare when a Bitcoin core developer lost more than 216 BTC to a compromise.
Journalist at CryptoSlate
Oluwapelumi believes in the transformative power of Bitcoin and the blockchain industry.
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This post Bitcoin worth $120 million withdrawn from exchanges on January 10
was published first on https://cryptoslate.com/bitcoin-worth-120m-withdrawn-from-exchanges-on-jan-10/