Bitcoin

Arkham

[Editor’s Note: Bitstamp has since <a href="https://x.com/Bitstamp/status/1727655690339070290?s=20">stated</a> that Glassnode and Arkham Intelligence data does not accurately reflect current Bitcoin outflows from its Exchange. In an X post, the exchange asserted that outflows were 1% of holdings as opposed to the “38%” depicted on Glassnode. Specifically, 
<blockquote>
 “[Glassnode] is inaccurately reporting a drop in our BTC balance. The wallets they have reported on are only a selection of our wallets used for day-to-day operational transactions. In fact, our net outflow was 1%, rather than the highly inaccurate 38% mentioned. Additionally, we have no affiliation with HTX.” 
</blockquote> 
The below insight is unchanged from our original reporting while we investigate this issue. The above clarification has been included for transparency.] 
UPDATE 2: Glassnode has now added a disclaimer to the Bitstamp charts stating they it is “updating the labels for Bitstamp. The revised data will be available shortly.” 
<h2 id="quick-take">Quick Take</h2> 
Yesterday, Nov. 22, marked the second-largest Bitcoin outflow of the year from digital asset exchanges, just over $600 million. 
<figure id="attachment_376165" aria-describedby="caption-attachment-376165" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-376165 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/nf-1.png" alt="Exchange Netflow: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/nf-1.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/11/nf-1-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/nf-1-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/nf-1-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/11/nf-1-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-376165" class="wp-caption-text">
 Exchange Netflow: (Source: Glassnode)
 </figcaption>
</figure> 
As observed by CryptoSlate, these outflows predominantly originated from two major platforms – Binance and Bitstamp. Post the <a href="https://cryptoslate.com/wsj-reports-cz-stepping-down-as-bnb-token-whipsaws-with-binance-near-doj-settlement-deal/">Department of Justice</a> (DOJ) and Binance agreement, Binance saw an exodus of approximately 8,000 Bitcoin, equivalent to nearly<a href="https://cryptoslate.com/insights/binance-hit-with-288-million-bitcoin-exodus-following-ceo-money-laundering-plea/"> $288 million</a> reported on Nov. 21. 
Another sharp decrease was spotted on Bitstamp, with a drain of about 16,500 Bitcoin. This outflow, valued roughly at $600 million, has also been confirmed via <a href="https://platform.arkhamintelligence.com/explorer/entity/bitstamp">Arkham Intelligence Platform</a>, evidencing the transaction in five increments of 3,300 Bitcoin each, 16 hours ago. 
<figure id="attachment_376161" aria-describedby="caption-attachment-376161" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-376161 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/ark.png" alt="Bitstamp Withdrawals: (Source: Arkham Intelligence)" width="959" height="319" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/ark.png 959w, https://cryptoslate.com/wp-content/uploads/2023/11/ark-300x100.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/ark-768x255.png 768w" sizes="(max-width: 959px) 100vw, 959px">
 <figcaption id="caption-attachment-376161" class="wp-caption-text">
 Bitstamp Withdrawals: (Source: Arkham Intelligence)
 </figcaption>
</figure> 
Consequently, Bitstamp’s Bitcoin reservoir stands depleted, now housing approximately 24,000 BTC. 
<figure id="attachment_376163" aria-describedby="caption-attachment-376163" style="width: 100%" class="wp-caption aligncenter">
 <figcaption id="caption-attachment-376163" class="wp-caption-text">
 Exchange Balance Bitstamp: (Source: Glassnode)
 </figcaption>
</figure> 
The post <a href="https://cryptoslate.com/insights/bitstamp-witness-massive-bitcoin-withdrawal-totaling-600-million/">Bitstamp asserts 1% outflow, denies Bitcoin withdrawals totaling $600 million</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.

Bitstamp asserts 1% outflow, denies Bitcoin withdrawals totaling $600 million

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