May 23, 2023

Centralized Crypto Exchanges Saw Outflow of 43,301 BTC over Past Month

cryptocurrencies (1)

cryptocurrencies (1)

Although the prices of Bitcoin and Ethereum were relatively stable through May, the centralized crypto exchanges experienced withdrawals of BTC and ETH valued at $1.77 billion in May.

According to data collected from Cryptoquant, as many as 43,301 BTC, valued at $1.16 billion, were withdrawn from centralized crypto exchanges over the past 30 days, given that these exchanges held BTC worth $57.29 billion, equivalent to 10.99% of the leading cryptocurrency’s market capitalization, Bitcoin News reported.

Data from showed that Binance, which holds the largest bitcoin reserves currently, has 555,435 BTC, but over the past 30 days, it witnessed an outflow of 10,102.39 BTC. Also, crypto exchanges such as OKX, Gemini, and Kraken experienced withdrawals of BTC worth 2842.53, 1958.71, and 823.52, respectively, during the same period.

While Coinbase and Bitfinex, the second and third crypto exchanges in terms of BTC reserves, saw a slight increase in BTC reserves with 316.78 and 339.28, respectively, during the same period.

Following the collapse of FTX on November 5 last year, a remarkable amount of BTC has been withdrawn from exchanges. Before this incident, the centralized trading platforms held 2.5 million bitcoin.

Moreover, data from Cryptoquant showed centralized crypto exchanges witnessed Ethereum withdrawals over the past month, recording 340,000 ETH, valued at $613.71 million. Before the past month, the exchanges held 16.60 million ETH and now they became 16.26 million ETH.

It is worth mentioning that Thanefield Capital data research said in March that a few hours before the US Commodity Futures Trading Commission (CFTC)’s indictments against Binance, Binance wallets witnessed an outflow of $850 million. This sum of money is a part of larger withdrawals that happened on March 27 worth almost $1.5 billion from platforms, including Binance, Coinbase, Kraken, and Bitfinex.

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