By George Ward
Glassnode — a leading blockchain analytics firm, reported that cryptocurrency exchanges witnessed many Bitcoin holders take their coins from the exchanges and become custodians of their BTCs by themselves.
Glassnode made the disclosure after tracking the 30-day supply of BTC. According to the firm, in the last month, over 179,250 Bitcoin worth about $2.8 billion already stopped existing on centralized cryptocurrency exchanges at the time of releasing the report.
Glassnode provided an on-chain analysis chart that shows the rate at which Bitcoin was being moved from crypto exchanges, and this year records the highest in 4 years.
Santiment Reports On Blockchain
Aside from Glassnode, another blockchain analytics company that has been keeping tabs on Bitcoin’s supply for a while has been Santiment. The analytics company recently reported that the supply of BTC (Bitcoin) has dropped below the 7% level for the first month since Nov. 24, 2018.
In Santiment’s report, “At the moment, only 6.96% of total BTC supply are on exchanges. Additionally, with the FTX crash, the trend might not go anywhere soon.
Santiment noted at the beginning of this month that crypto continues to bounce when significant market participants shift their assets from digital asset exchanges.
“In general, cryptocurrency flourishes when marketplaces are not the main focus. The biggest crypto marketplace failure in history will continue to create shockwaves in the industry for a long time.
Sam Bankman-Fried (SBF) ‘s FTX declared bankruptcy on Nov. 11 amidst claims that the cryptocurrency exchange mishandled customers’ assets. The bankruptcy filing caused many investors to withdraw their digital assets from centralized crypto marketplaces.
Despite The FTX Crash, Small BTC Holders Purchase Bitcoin Massively
Glassnode revealed that following the demise of the FTX marketplace, over 96.5K BTC was added to crypto wallets by “shrimps.” Shrimps are a group of BTC holders with less than 1 BTC.
As stated by the renowned analytics company, this represents a record of BTC accumulations by the Shrimps. Most miniature BTC holders now hold around 6.3% of the cryptocurrency supply circulation.
The account balance of BTC Crabs, small-scale investors who retain up to 10 BTC, has also increased significantly by almost 191,600 coins over the past 30 days. Like the Shrimps, this accumulation is also a new record by the Crabs.