CEXs are once again emptied of a large sum of bitcoins. Recently, Glassnode reported 28,000 BTC mined from these centralized cryptocurrency exchanges. Is this an alarming situation? Not really: exits from similar assets reflect a clear desire to hold the coins for the long term, i.e. HODL.
CEXs are emptying of bitcoins
In late November, we reported here on Tremplin.io a massive withdrawal of Ethereum on several CEXs. The equivalent of $1 billion in ETH left these centralized platforms in a matter of weeks. due to increasing interest in whales “.
Are we approaching the end of Centralized Exchange predicted by Tim Shan (Dexalot)?
In any case, these withdrawals did not fail to trigger other similar operations on the CEX.
“ On Wednesday, centralized exchanges witnessedan exodus of over $28,000 BTCwith Coinbase being a custodian of several ETFs on offer, and recording an outflow of 18,000 BTC alone. »
Based on recent statistics from Glassnode, CoinDesk highlighted the departure of 28,000 BTC (or $1.19 billion) of several decentralized cryptocurrency exchanges. What makes these operations so special? In fact, these withdrawals took place in a single day. Which constitutes the largest outflow of bitcoins since December 14, 2022.
Coinbase, increasingly snubbed by traders?
Last September, we reported on a drop in bitcoin trading on crypto exchange Binance amid legal action by the DOJ and SEC. A situation that would benefit its rival Coinbase, which recorded an increase in BTC transaction volumes.
Three months later, American crypto exchange records outflow of 18,000 BTC. This act took place last Wednesday, reports CryptoQuant, an analysis company behind a prediction of a drop in the price of the flagship crypto in 2024.
note that this price drop would come from a “Sell The News” which will accompany the imminent approval of spot Bitcoin ETFs by the SEC. And we are aware that Coinbase, with a Nasdaq listing, is the custodian of 9 of the 12 bitcoin spot ETFs awaiting the green light from the American regulator between January 6 and 10.
Although emptied of 18,000 BTC, Coinbase remains difficult to dethrone with its 1 million bitcoin pledged vault reported by Arkham Intelligence last September. Taking into account the current price of the queen of cryptocurrencies ($42,867.21 per coin), Brian Amrstrong’s company would have approximately 42 billion dollars.
Note also that the overall balance of bitcoin in CEX wallets is currently 2,327,025 BTC. This is a very low level compared to the data collected since April 2018. However, transfers of bitcoins from cryptocurrency exchange platforms in no way represent a danger: they mean weakening supply pressures and potential price appreciation.
By the way, take a look at these bitcoin price predictions for 2024.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
