Coinspeaker
Bitcoin Sees Daily Historic Withdrawals of $2.3B on Exchanges

Bitcoin (BTC), the world’s leading digital currency, witnessed a remarkable exodus from crypto exchanges recently, with daily withdrawals hitting an unprecedented $2.3 billion on Friday. This withdrawal surge comes amidst a backdrop of intense price action as Bitcoin strives to reach All-Time Highs (ATH).

Implications of Depleting Exchange Reserves

The depletion of BTC reserves on major exchange platforms is a noteworthy development, as it represents a change in the behavior of the cryptocurrency. This depletion is a bullish one for the coin. James Van Straten, Lead Analyst at CryptoSlate, brought attention to this phenomenon in a recent post on X.

He highlighted the staggering multi-dollar BTC withdrawals and emphasized that such a movement of Bitcoin from exchanges is a rare occurrence. “I don’t think I’ve quite seen anything like this before,” remarked Straten.

The data presented by Van Straten indicates that the withdrawal marked one of the largest recorded in over five years. Notably, approximately $200 million of the $2.3 billion found its way to Coinbase Prime, leavi...