{"id":9391,"date":"2022-12-26T11:24:11","date_gmt":"2022-12-26T11:24:11","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=9391"},"modified":"2022-12-26T11:24:12","modified_gmt":"2022-12-26T11:24:12","slug":"bitcoin-exchange-withdrawals-sink-to-7-month-low-as-users-forget-ftx","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9391","title":{"rendered":"Bitcoin exchange withdrawals sink to 7-month low as users forget FTX"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) exchange users have forgotten all about the FTX scandal this Christmas, data shows.<\/p>\n<p>According to on-chain analytics firm Glassnode, exchange outflows have now hit their lowest levels in over six months.<\/p>\n<h2>Still not your keys, still not your coins?<\/h2>\n<p>As Bitcoin volatility sets a new record low in what is being called \u201cDo Nothing December,\u201d exchange users\u2019 habits are also rapidly adjusting to the current climate.<\/p>\n<p>After seeing an overwhelming surge in light of the FTX meltdown, BTC withdrawals from exchange wallets have entirely reversed the spike which began around six weeks ago.<\/p>\n<p>Having hit a peak of 142,788 BTC on Nov. 14, outflows from the trading platforms tracked by Glassnode have declined over ten times.<\/p>\n<p>On Dec. 25, the latest date for which numbers are available, total exchange outflows came in at just 9,352 BTC \u2014 a drop of 93.5%.<\/p>\n<p><em>Bitcoin exchange outflows chart. Source: Glassnode<\/em><\/p>\n<p>More than that, the last time that outflows were so low on a daily basis was seven months ago in May.<\/p>\n<p>As Cointelegraph reported, in the immediate aftermath of FTX, exchange reserves declined by over $3 billion in a single week.<\/p>\n<p>Exchanges\u2019 BTC balance stood at 2.252 million BTC on Christmas Day, a drop of nearly 21% vs. the 2022 peak of 2.845 million BTC in January.<\/p>\n<p><em>Exchange BTC balance chart. Source: Glassnode<\/em><\/p>\n<h2>BTC supply increasingly stationary<\/h2>\n<p>Record low volatility is, meanwhile, showing in on-chain data, with hodlers reluctant or in little need of moving coins.<\/p>\n<p><strong><em>Related:\u00a0BTC price levels to watch as Bitcoin limps into Christmas under $17K<\/em><\/strong><\/p>\n<p>Glassnode confirms that unspent transaction outputs (UTXOs) with a lifespan of between one week and one month have fallen to their lowest numbers in 15 months.<\/p>\n<p><em>Bitcoin UTXO annotated chart. Source: Glassnode\/ Twitter<\/em><\/p>\n<p>The popular HODL Waves metric, which groups UTXOs by age, shows a rise in coins which last moved 1-2 years ago over the course of December.<\/p>\n<p><em>Bitcoin HODL Waves chart (screenshot). Source: Unchained Capital<\/em><\/p>\n<p>These now account for over 20% of the total BTC supply.<\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-exchange-withdrawals-sink-to-7-month-low-as-users-forget-ftx\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) exchange users have forgotten all about the FTX scandal this Christmas, data shows. According to on-chain analytics firm Glassnode, exchange outflows have now hit their lowest levels in over six months. Still not your keys, still not your coins? As Bitcoin volatility sets a new record low in what is being called \u201cDo [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-9391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9391"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9391\/revisions"}],"predecessor-version":[{"id":9393,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9391\/revisions\/9393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9392"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}