Bitcoin Exchange Holdings Plummet: 200K BTC Withdrawn in 60 Days

Bitcoin has seen a drop in its holdings over the past 60 days, with a decline in the amount of BTC stored on different exchanges. According to crypto analyst HODL15Capital, over 200,000 BTC were withdrawn from exchanges, suggesting a shift in market sentiment.

Investors pulled 204,000 Bitcoin from exchanges in 60 days

— HODL15Capital ???????? (@HODL15Capital) December 19, 2024

The withdrawals span several exchanges, including Coinbase, Binance, Kraken, and Gemini. The largest share of Bitcoin outflows occurred at Coinbase, which lost 86,316 BTC. Even so, the exchange still holds 740,491 BTC. Binance shed 42,865 BTC, bringing its balance to 558,827 BTC.

Exchanges such as Kraken, Gemini, and Upbit have also seen withdrawals, with Kraken down 13,076 BTC, Gemini losing 10,188 BTC, and Upbit withdrawing 6,024 BTC.

Plus, platforms like Bitfinex and Robinhood saw reductions, with Bitfinex losing 9,023 BTC and Robinhood withdrawing 2,100 BTC. These withdrawals have contributed to a decline in the total Bitcoin held across all exchanges, which now stands at 2,435,446 BTC.

Exchange Inflows and Outflows: A Yearly Overview

Data from Coinglass shows Bitcoins wallet inflows and outflows over the past year follow a clear pattern. At the start of the year, market sentiment was neutral, with inflows and outflows remaining balanced.

Source: Coinglass

But as Bitcoins price increased over the year, after crossing the $60,000 mark in October, outflows dominated.

Read also: Bitcoin Exchange Balances Hit 2024 Lows, Signals Bullish Trend

Bitcoins Price and Increased Trading Volume

The drop in Bitcoins exchange holdings aligns with overall market movements, as Bitcoins price shifted over the previous day. Bitcoin opened at a high of $104,750 but faced downward pressure throughout the day, reaching a low of $99,000 by midnight. As of this writing, the price is $101,136, reflecting a 3.31% decline in value.

Source: CoinMarketCap

Despite the price drop, trading volume surged to $101.01 billion, an increase of 44.25%, showing heightened market activity.