Crypto Exchanges Experience $1.77B Bitcoin and Ethereum Outflow in 30 Days

Throughout May, the crypto market has remained steady, with a valuation just above the $1 trillion mark. Over the past 30 days, both bitcoin and ethereum prices have remained relatively stable. However, recent data reveals a significant amount of bitcoin has been withdrawn from exchanges, with 43,301 BTC, valued at $1.16 billion, leaving centralized trading platforms in the past month. A large number of major cryptocurrency exchanges have seen a significant outflow of bitcoin, according to data.
Exchanges Experience Crypto Exodus Despite Steady Market
As of May 21, 2023, centralized crypto exchanges held $57.29 billion worth of bitcoin, equivalent to 10.99% of the leading cryptocurrency’s market capitalization. However, since the collapse of FTX on November 5, 2022, a significant amount of BTC has been withdrawn from exchanges. Prior to this event, Cryptoquant data shows centralized trading platforms held 2.5 million bitcoin. In the past month alone, 43,301 BTC, valued at over $1.16 billion, have left these platforms. According to data recorded by coinglass.com, Binance currently holds the largest bitcoin reserve, with a balance of 555,435 on Sunday evening. However, over the past 30 days, the exchange has experienced an outflow of approximately 10,102 BTC. Coinbase comes in second place with 486,630 bitcoin in reserves, and saw a modest increase of around 316 BTC in the past month. Bitfinex, the third largest exchange in terms of BTC holdings, also experienced a slight increase of around 339 BTC during the same period.
It’s worth mentioning that Binance and Bitfinex hold the top two spots for the largest bitcoin wallets, according to BTC’s rich list metrics. The rich list data reveals that the top ten wallet holders control 5.37% of BTC’s supply, with two of them being Binance-controlled wallets. In the past 30 days, Okx has seen 2,842 BTC leave its platform, and Gemini’s bitcoin reserve stash has lost 1,958 BTC. Kraken also experienced an outflow of 823 BTC in the past month. In addition to bitcoin, Cryptoquant data shows centralized crypto trading platforms have also experienced a significant outflow of ethereum leaving their exchanges over the past month. Just 30 days ago, exchanges held 16.60 million ether, but today that number has decreased to around 16.26 million. This means that approximately 340,000 ether, valued at $613.71 million, has left exchanges in the last month alone. When combined with the outflow of bitcoin, $1.77 billion of the top two digital assets has left these platforms.
What do you think the significant outflow of bitcoin and ethereum from centralized exchanges means for the future of the crypto market? Share your thoughts about this subject in the comments section below.