Over the past month, users withdrew about 30,000 BTC worth ~$811 million from crypto exchanges. The reserves of trading platforms have about 2 million BTC.

BTC Outflow from CEXs Declines

On-chain analytics services record a decrease in the outflow of the first cryptocurrency from crypto exchanges. According to CryptoQuant data, as of 11:00 a.m. (GMT+3) on September 21, the net outflow of BTC for the last month amounted to only 30,068 BTC. 

Data from Coinglass analysts estimate the net outflow of funds from CEXs even more optimistically — 27,129 BTC during the month. Thus, 1,828,043 BTC remains on the accounts of crypto exchanges, indicating that user trust in trading platforms is growing after the FTX collapse, which provoked a massive withdrawal of BTC from CEXs.

At the end of last year, users withdrew more than $19 billion in assets from the accounts of centralized crypto exchanges, and BTC reserves of CEXs decreased by 15%.

The top three largest BTC holders among crypto exchanges are as follows:

  • Binance has 543,961 BTC (~$14.7 billion) on its balance sheet, with 16,521 BTC (~$446 million) withdrawn from the exchange in the last 30 days;
  • Coinbase Pro has 435,232 BTC (~$11.7 billion), with 4,086 BTC (~$110 million) withdrawn from the platform in the last month.
  • Bitfinex has 368,805 BTC (~$10 billion), with users withdrawing 5,277 BTC (~$142.5 million) in the last 30 days.

The only exchange in the top 10 that recorded a significant inflow of Bitcoin over the past 30 days was OKX. Over the past month, its users have deposited 4,590 BTC (~$124 million).

What’s remarkable is that the data also shows that the percentage of inactive BTC addresses has reached all-time highs since July 2023. According to CoinMarketCap, 36.8 million addresses have held BTC for more than a year, accounting for about 69% of the total number of Bitcoin addresses.

At the end of last year, small BTC holders began to actively increase their savings.

Author: Nataly Antonenko
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