2024

Bitcoin

Million

Billion

James

<p><span style="font-weight: 400;">Bitcoin worth billions of dollars has left centralized exchange platforms as the market leader attempts to reach a new all-time high (ATH).</span></p> 
<p><span style="font-weight: 400;">On Friday, just over $2.3 billion worth of Bitcoin left exchanges, said James Van Straten, lead analyst at CryptoSlate, in an X <a href="https://twitter.com/jvs_btc/status/1764094690138452339">post</a>. </span></p> 
<p><span style="font-weight: 400;">“One of the biggest withdrawals in over 5 years,“ he said. “I don’t think I’ve quite seen anything like this before.”</span></p> 
<p>The phenomenon comes amid unprecedented demand for Bitcoin from institutional investors following the launch of spot Bitcoin ETFs in January.</p> 
<p>Bitcoin has soared 56% in the past month and surged 7.2% in the past 24 hours to trade at 67,251 as of 4.25 p.m. EST, about a couple thousand dollars shy of a new all-time high.</p> 
<p><img decoding="async" src="https://www.orfonline.org/public/uploads/posts/image/GettyImages-1319662239.jpg" alt="The Bitcoin business: Securing India's strategic interests"></p> 
<h2 id="span-style-font-weight-400-coinbase-posts-the-biggest-bitcoin-outflows-span"><span style="font-weight: 400;">Coinbase Posts The Biggest Bitcoin Outflows</span></h2> 
<p><span style="font-weight: 400;">The leading crypto exchange in terms of daily trading volume, Binance, saw $400 million leave its wallets, and Van Straten said those are the most interesting because the exchange is not, like Coinbase, involved as a custodian for spot Bitcoin ETFs (exchange-traded funds).</span></p> 
<p><span style="font-weight: 400;">It was <a href="https://www.coinbase.com/">Coinbase</a> that recorded the biggest outflows, accounting for all of the rest, he said. </span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Boom, one of the biggest <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> withdrawals from <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw">@coinbase</a> on record, $1B (16k BTC) during Asia trading hours. <a href="https://t.co/a4MfXAyKWM">https://t.co/a4MfXAyKWM</a> <a href="https://t.co/YbOQgEaL4u">pic.twitter.com/YbOQgEaL4u</a></p> 
 <p>— James Van Straten (@jvs_btc) <a href="https://twitter.com/jvs_btc/status/1763485434603307292?ref_src=twsrc%5Etfw">March 1, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p><a href="https://insidebitcoins.com/news/bitcoin-held-by-coinbase-plunges-to-20-billion-lowest-since-2015"><span style="font-weight: 400;">Coinbase</span></a><span style="font-weight: 400;"> also recorded one of its biggest BTC withdrawals ever, according to Van Straten. In another post on Mar. 1, the analyst said that someone initiated a withdrawal of 16k BTC, which was estimated to be worth $1 billion at the time of the withdrawal.</span></p> 
<p><span style="font-weight: 400;">Glassnode data shows that the total BTC on major trading platforms dropped to 2,286,347 $142.5 billion on Mar. 2, the lowest level the collective reserves have reached since March 2018, when BTC traded at just $8,000.</span></p> 
<h2 id="span-style-font-weight-400-an-uptick-in-new-investors-span"><span style="font-weight: 400;">An Uptick In New Investors</span></h2> 
<p><span style="font-weight: 400;">While BTC reserves on exchanges drop, new investors seem to be entering the mix as well. In a recent Quicktake market update </span><a href="https://cryptoquant.com/insights/quicktake/65e15719bae98a1d256f6ea7-The-inflow-of-new-investors-is-accelerating"><span style="font-weight: 400;">report</span></a><span style="font-weight: 400;">, an analyst from CryptoQuant highlighted continuous changes in unspent transaction output (UTXO) ages.&nbsp;</span></p> 
<p><span style="font-weight: 400;">In the report, the analyst noted that “younger” ones are involved in transactions on the Bitcoin blockchain. Meanwhile, UTXOs that have been dormant for at least six months, referred to as “older” ones, are starting to come alive again.</span></p> 
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Bitcoin Withdrawals From Crypto Exchanges Surpassed $2 Billion In A Day As Bitcoin Surges Towards New ATH

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