- Bitcoin (BTC) investors are exiting centralized exchanges with their crypto assets.
- In the last month alone over 100,000 BTC exited centralized exchanges.
- 40,000 Bitcoin (BTC) exited centralized exchanges in the last seven days.
A record-breaking 100,000 BTC has been moved from centralized exchanges (CEXs) over the past month. According to Glassnode, 40,000 BTC has exited CEXs in the last seven days alone.
During this crypto winter, many exchanges made the decision to halt withdrawals on their platforms. This means that many crypto holders are facing the issue of having all their assets frozen on these platforms.
That is to say, all their value in digital assets are locked on another platform where they do not control their assets. This is one of the biggest drawbacks of using a centralized exchange.
Thus, it seems that many Bitcoin (BTC) traders and holders have made the decision to move their assets from centralized exchanges. With fear of losing control over their assets, this is likely the best move.
Now they can either trade on decentralized exchanges (DEXs) or simply hold their assets in a private wallet. If we take into the months of June and July, so far, around 151,000 BTC have exited centralized exchanges.
Such a move has been largely supported by the Twitter crypto community. After all, many prominent figureheads within the Twitter community have been urging crypto traders to take their assets off of centralized exchanges.
In particular, these messages pertain to Bitcoin (BTC) more than other assets. Bitcoin is seen as one of the most valuable and scarce resources in our modern era. It only makes sense to safeguard such an important asset that could likely rewrite our financial system.
Perhaps now we will see an influx of Bitcoin (BTC) in decentralized exchanges soon. If not, we may see more investors holding onto their Bitcoin (BTC) and other crypto assets in private wallets. Considering the current crypto winter, the latter may be the more likely story.
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