Biggest Daily Outflow Of BTC From Exchanges
Over 20,660 Bitcoin were removed from exchanges than deposited consistent with data from Glassnode. This represents 2020’s biggest daily outflow of Bitcoin from exchanges — a behavior pattern that’s typically considered bullish.
Coinbase & Negative Bitcoin Outflows
Interestingly, Coinbase alone experienced a net outflow of 20,787 Bitcoin [BTC] – higher than the entire for all exchanges. Discounting Coinbase, other tracked exchanges had a little uptick.
Although Coinbase experienced negative Bitcoin outflows, it recorded almost thousand more deposits than withdrawals. Since overall, it experienced negative outflows, this suggests that the typical withdrawal amount was above the typical deposit amount. It’s possible that the typical withdrawal amount was skewed by one or more large withdrawals made by its custodial clients.
Regardless of the cause behind this latest Bitcoin outflow, the trend towards users removing their assets from custodial exchanges still continues.