Bitcoin investors have moved their cryptocurrency off cryptocurrency exchanges more intensely and frantically like never before, according to a report by Arcane Research.
In a recent tweet, Glassnode explained that the bitcoin balance on exchanges has reached its lowest level in four years.
The tweet identifies a possible reason for this: the collapse earlier this summer of major cryptocurrency lenders such as Celsius, Babel Finance and Vauld after experiencing liquidity problems, and this is the time when the largest withdrawals began compared to those that occurred before May.
The tweet says that users are withdrawing bitcoin from exchanges like never before, besides, Arcane Research mentions that problems with lenders have taken a heavy toll on users and assumes that they may lose confidence in cryptocurrency exchanges.
In June, 119,000 bitcoins were withdrawn from exchanges.
In July, 96,000 bitcoins were withdrawn, while in the current month of August, 650.00 bitcoins have been withdrawn so far.
Prior to this summer, the largest amount of bitcoin withdrawn from exchanges reached 71,000 bitcoin.
According to Glassnode, the bitcoin balance on centralized cryptocurrency exchanges reached a four-year low of 2,342,202,837.
Posted using Tribaldex Blog