According to data from Glassnode’s The Week On-Chain report, Bitcoin outflows from centralized cryptocurrency exchanges has hit a new maximum this year after users have withdrawn as much as 40,000 Bitcoins from these platforms during the last week.
Notably, montly Bitcoin outflows now exceed 100K Bitcoin for the third time since September 2019. According to Glassnode, as a result of this situation, the amount of Bitcoins stored on cryptocurrency exchanges has fallen to just 13.2% of Bitcoin’s supply.
The report highlights that “this represents a near full retracement of the significant inflow volume observed during the May sell-off.”
We should remember that in late April last year, monthly outflows reached almost 150K after the “Black Thursday,” when the price of cryptocurrencies dropped by over 50% in just a couple of days.
Outflows also approached 50,000 BTC monthly in November last year when the price of Bitcoin was close to $20,000.