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 However, recent data reveals a significant amount of bitcoin has been withdrawn from exchanges, with 43,301 BTC, valued at $1.16 billion, leaving centralized trading platforms in the past month.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 However, since the collapse of FTX on November 5, 2022, a significant amount of BTC has been withdrawn from exchanges.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.
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?
Source from news.bitcoin.com
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