Home CryptoMarket Bitcoin exchanges see 180K BTC supply decrease amid Mt. Gox BTC sales

Bitcoin exchanges see 180K BTC supply decrease amid Mt. Gox BTC sales

by CryptoFan
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Data suggests Bitcoin (BTC) exchanges may have witnessed the largest outflow of user funds to date.

Data from an on-chain analytics company glass node It shows that on November 23rd, monthly withdrawals on major exchanges dropped by around 179,000 BTC.

Major Exchanges See Record BTC Withdrawals

As the FTX epidemic is still ongoing, exchange users are busy withdrawing funds to non-custodial wallets.

As Cointelegraph reported, $3 billion worth of cryptocurrencies left major platforms shortly after the FTX implosion.

Glassnode shows that trend continues, with its data capturing the largest ever decline in exchange BTC reserves over the 30-day period ending November 23rd.

Glassnode’s Exchange Net Position Change metric shows the 30-day change in BTC supply held in exchange wallets at -178,683 BTC. The indicator covers 20 exchanges including FTX.

Exchange BTC net position fluctuation chart.Source: Glassnode

The habits of exchange users remain volatile day by day. After November 9th alone he saw an outflow of around 140,000 BTC per day, the exchange reduced its processing of withdrawals, hitting a local low of less than 19,000 BTC recorded on November 19th. Did.

However, the trend has since reversed, with outflows totaling over 86,000 BTC on Nov. 23, according to Glassnode.

Total BTC transfer volume from the exchange chart.Source: Glassnode

HitBTC Acquires Mt. Gox Hack Deposit

Elsewhere, fellow on-chain analytics platform CryptoQuant Raised A warning about a major tranche of BTC from the 2014 hack of the Mt. Gox exchange.

RELATED: Crypto Survived Worse Than FTX Collapse: Chainalysis

According to CEO Ki Young Ju, the stolen BTC was in transit and 65 BTC was sent to replace HitBTC.

“A 7-year-old 10,000 $BTC moved today. Naturally, it came from criminals, like most old Bitcoins. BTC-e in connection with the 2014 Mt Gox hack. It’s an exchange wallet, they sent 65 BTC to hitbtc a few hours ago, so it’s not a government auction or anything like that,” he said. murmured.

Ki asked HitBTC to freeze funds from incoming wallets.

Influx of Bitcoin exchanges (BTC last moved at least 7 years ago). Source: CryptoQuant

Meanwhile, another study from Chainalysis points to the massive disposal of Mt. Gox coins associated with exchange BTC-e, which closed in 2017.

Several exchanges explained that they have received BTC-e bitcoins in recent weeks, along with private wallets and others. blog post November 23rd.

As Cointelegraph reported, the movement of older coins in September also caused panic as Mt. Gox’s rebuilding process came to an end.

This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.