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Bitcoin (BTC) exchange users forgot all about the FTX scandal this Christmas, according to the data.
According to on-chain analytics firm Glassnode, exchange outflows have now hit their lowest level in more than six months.
Still not your keys, still not your coins?
As Bitcoin volatility sets a new all-time high in so-called Do Nothing December, the habits of exchange users are also rapidly adapting to the current climate.
After seeing a landslide surge in light of FTX’s collapse, BTC withdrawals from exchange wallets have fully reversed the spike that began about six weeks ago.
After peaking at 142,788 BTC on Nov. 14, outflows from trading platforms tracked by Glassnode declined more than tenfold.
On December 25, the last date for which figures are available, total exchange outflows amounted to just 9,352 BTC, a decline of 93.5%.
Bitcoin exchange output chart. Source: Glassnode
More than that, the last time the outflows were this low on a daily basis was seven months ago in May.
As Cointelegraph reported, immediately after FTX, foreign exchange reserves fell by more than $3 billion in a single week.
The BTC trade balance stood at 2.252 million BTC on Christmas Day, down nearly 21% from the 2022 peak of 2.845 million BTC in January.
Trade BTC balance chart. Source: GlassnodeThe increasingly stationary BTC supply
Record low volatility, meanwhile, is appearing in the on-chain data, with hodlers reluctant or having little need to move coins.
Related: BTC Price Levels to Watch as Bitcoin Christmas Limps Below $17,000
Glassnode confirms that unspent transaction outputs (UTXO) with a lifetime of between a week and a month have fallen to their lowest level in 15 months.
Bitcoin UTXO annotated chart. Source: Glassnode/Twitter
The popular HODL Waves metric, which groups UTXOs by age, shows an increase in coins that last moved 1-2 years ago during the month of December.
Bitcoin HODL Waves chart (screenshot). Source: Unleashed Capital
These now make up more than 20% of the total BTC supply.
The views, thoughts and opinions expressed herein are the sole authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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