BTC CEX Outflows Hit Historic Highs
Analytics services record BTC outflows from accounts of centralized cryptocurrency exchanges (CEX) amid the falling value of BTC and FTX’s crisis.
On-chain analytics services report the biggest BTC outflow from centralized crypto exchanges’ accounts. According to Coinglass, Bitcoin CEX outflows in the last seven days totaled 192,043 BTC as of 12:00 pm (GMT+2) on November 14. The top three “leaders” were:
- Coinbase Pro — 69,889 BTC;
- Binance — 59 902 BTC;
- FTX — 19,972 BTC.
All in all, about 1.9 million BTC are stored in CEX accounts, according to Coinglass. However, CryptoQuant data shows a more optimistic figure of 2.09 million BTC but points to the fact that this is the lowest level since February 2018. Moreover, Bitcoin outflows keep going, exceeding 10,000 BTC in the last 24 hours.
Glassnode reports an outflow of 106,000 BTC in October. Analysts emphasize it as a record figure, comparable to the data of April 2022, November 2020, and June-July 2022. It’s crucial to note that the October data doesn’t include the FTX situation, so the figure is caused solely by market conditions in general.
Notably, amid FTX’s bankruptcy filing and the subsequent negative news, the crypto market reacted more calmly than it did after FTX and Binance’s deal was canceled. According to CoinGecko, Bitcoin was down to $15,906 over the last 24 hours, but it’s trading at around $16,780 at the time of writing.