Bitcoin withdrawals surpass deposits for the second time in six months

Fast Take

• The next chart presents the relative dominance of exchange-related deposits and withdrawals with respect to all confirmed transactions, based on Glassnode information as of June 16. The chart presents the next traces:
  •  Whole Transaction Rely
  •  Whole Deposit Transactions
  •  Whole Withdrawal Transactions
  •  Change Transaction Dominance (%)
• Up to now six months, change withdrawals have surpassed change deposits for the second time.
• The primary time this occurred was through the FTX collapse in 2022, as buyers began to take custody of their cash and take away them from exchanges.
• This development continued into 2023  however then began to drop off.
• Nevertheless, we at the moment are seeing withdrawals begin to outpace deposits once more, which first began on June 5, the day of the primary SEC lawsuit.
• This development has continued, and divergence has solely grown.
• The present change withdrawals are 58,000 Bitcoin, whereas change deposits are 49,000 Bitcoin.

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