Kraken exchange faced the biggest outflow of Bitcoins

The collapse of the FTX crypto exchange and Sam Bankman-Fried’s abandonment of a post provoked November turbulence and the fall of bitcoin to a two-year low.

In parallel, the trend for the outflow of cryptocurrencies from trading platforms has intensified. Most investors switched to the so-called cold storage of BTC, which triggered a surge in sales of hardware wallets.

The report of the Santiment analysts says that the largest amount of BTC went from stock exchange addresses to Kraken. The volume of cryptocurrencies on this platform has decreased by 59%.

A similar trend was also observed on the exchanges Coinbase, Bitfinex, KuCoin, Binance and Bitstamp.

Experts found out that in general, the volume of digital currency on trading platforms has decreased from 11.85% to 6.65% over the past 12 months. Usually, a decrease in the number of bitcoins on exchanges provokes an increase in the value of the cryptocurrency, as its market supply is reduced.

Observers do not exclude that the strengthening of BTC in January 2023 was the result of the BTC outflow from trading platforms and the activation of buyers.