The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter.
As we’ve highlighted in previous analyses, the latest bitcoin outflow from exchanges has been relentless over the last month despite a lack of price appreciation.
Over the last 30 days, nearly 80,000 bitcoin, worth over $3 billion, has left exchanges with the largest outflows coming from Coinbase.
When we talk about exchange balances, the majority of the market can be explained by trends in Coinbase and Binance, with both exchanges having over 20% of total known bitcoin exchange balances on their platforms, respectively.
We see this continued stair-step pattern over the last six months where large 10,000-plus chunks of bitcoin are being removed from the exchange at a time.