44,444 Bitcoins have been withdrawn from exchanges in the last 30 days

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It was undoubtedly a bad year for the industry as a whole. Still, the hardest hit could end up being exchanges following the FTX bankruptcy and transparency issues with investors. Amidst this, data from Coinglass showed that 44,444 Bitcoins were withdrawn from exchanges in the past 30 days.

This number reflects investor behavior in the past month alone. Additionally, the massive number of BTC withdrawn equates to a staggering $745 million. Whether or not this might indicate a continued shift toward self-guard is a story worth studying.

JUST IN: 44,444 #BTC ($745 million) has been withdrawn from exchanges in the past 30 days.

— Watcher.Guru (@WatcherGuru) December 23, 2022 Bitcoin Bolting Exchanges in December

The events of the year have undeniably been of concern to the industry. With various digital assets operating under projections, the crypto winter has become one of the biggest scandals the financial sphere has seen in years.

FTX’s collapse continues to be crypto’s biggest tragedy. One of the world’s leading exchanges is discovered to be a fraud and millions of customer funds are lost. Subsequently, user concerns about other exchanges’ lack of transparency only added threats to the market.

Source: The Economic Times

Now, the implication of FTX’s demise on other exchanges is starting to come into focus. Data from Coinglass showed that 44,444 Bitcoins left exchanges in the past 30 days. This figure, equivalent to $745 million, is apparently a continuation of a trend that has occurred since FTX went bankrupt last month.

In early November, glassnode reported that the collapse of FTX had led Bitcoin investors to withdraw into self-custody at a “historic rate of 106,000” per month. Comparatively, that November number is tied with only April 2020, November 2020, and the months of June and July 2022.

Additionally, Cointelegraph reported that the development “appears to be the result of a loss of faith in centralized crypto exchanges.” Conversely, the 44,444 is a far cry from the massive amounts withdrawn just a month ago. Nevertheless, the implications of data development are worth observing.

In conclusion, among Bitcoin bleeding exchanges, Binance remains at the top of the list. The last 30 days saw 76,720.21 Bitcoin leaving the platform. Obviously, the perceived transparency issue on the platform is impacting the stats. However, its massive and sustained daily trading volume at over 500,000 Bitcoins shows that it remains, by far, the largest holder of the digital asset.

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