Bitcoin worth $120 million pulled from exchanges on January 10

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About $120 million worth of Bitcoin (BTC) was withdrawn from crypto exchanges on January 10, according to data from Glassnode.

About $50 million of the withdrawals came from Binance, while $30 million came from Coinbase.

Source: Glassnode

The chart above shows that there have been more BTC outflows than inflows on crypto exchanges since the start of 2023.

According to the chart, the largest BTC inflow was around $80 million, which occurred on January 4. However, the exchanges recorded outflows worth around $40 million on the same day.

On other days, businesses mostly recorded more exits than entries.

Research from CryptoSlate reported that Bitcoin balances on exchanges declined sharply towards the end of last year after the collapse of FTX. At the height of FUD, Binance saw over $600 million BTC withdrawn from its stash in a single day, while Coinbase saw around $3.5 billion in BTC withdrawals in November.

Amidst all these withdrawals, the illiquid supply of BTC in cold or hot storage wallets exceeded 15 million coins. This showed that crypto investors favored self-custody due to FTX’s implosion.

Meanwhile, the challenges of self-custody were laid bare when a lead Bitcoin developer lost over 216 BTC due to a compromise.

Journalist at CryptoSlate

Oluwapelumi believes in the transformative power of Bitcoin and the blockchain industry.

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