Approximately $800 million worth of Bitcoin has been withdrawn from exchanges, marking the largest pullback this year and the most significant since December, according to blockchain analytics firm Glassnode.
The massive transfer of digital wealth allegedly occurred on Coinbase, the largest U.S. exchange.
Glassnode's data reveals that the daily on-chain exchange flow showed a net outflow of Bitcoin amounting to roughly $709.1 million.
Other major cryptocurrencies were not immune to this trend either, with both Ethereum and Tether (USDT) also experiencing net outflows, though at a notably smaller scale.
Such significant withdrawals can be an indication of a variety of actions by cryptocurrency investors, including the transfer of holdings to private wallets or a pivot toward a long-term holding strategy.Interestingly, Glassnode's data also highlighted that the number of addresses receiving Bitcoin from exchanges has hit a nine-month low. The seven-day moving average for this metric has dropped to 1,676.357, marginally surpassing the previous nine-month low of 1,678.024 observed on May 15.
The massive transfer is likely to be attributed to a single whale, which is why it is unlikely to represent a broader trend toward greater self-custody of digital assets or a sign of market consolidation. Nevetherless, it was big enough to pique analysts' interest.
Denys Serhiichuk
