Massive Bitcoin Withdrawal: $800 Million Vanishes from Exchanges

According to Glassnode, a blockchain analytics company, the amount of Bitcoin withdrawn is approximately $800,000,000. This represents the largest withdrawal this year, and the biggest since December.

According to reports, a massive transfer of digital assets took place at Coinbase, America’s largest exchange.

Glassnode data shows that daily Bitcoin exchange flows on the chain showed a net outflow amounting to approximately $709.1 millions.

The trend was not limited to Bitcoin. Other major cryptos such as Ethereum and Tether (USDT), though on a smaller scale, also experienced net outflows.

These significant withdrawals could be a sign of various actions taken by cryptocurrency investors. This includes the transfer of holdings into private wallets, or a shift to a long-term investment strategy.

Interesting, Glassnode data also highlighted the fact that the number addresses receiving Bitcoin has reached a nine-month high. The moving average of this metric over the past seven days has fallen to 1,676.357. This is a slight increase from the nine-month-low recorded on May 15th.

It is most likely that the massive transfer was caused by a single whale. This is why this is unlikely to indicate a trend towards greater self-custody or market consolidation. It was still big enough to attract analysts’ attention.