Over the past few months, investors have been actively withdrawing bitcoins from major exchanges, including Binance, Bitfinex, and Coinsbit.
According to the popular Whale Alert service, from April 19 to 20, investors withdrew 17 thousand bitcoins from cryptocurrency exchange accounts, which at the current rate is about $ 170 million.
— Whale Alert (@whale_alert) May 19, 2020
The first platform from which the assets were withdrawn was Bitfiinex, which lost 5,000 BTC. Following her, 1593 BTC was withdrawn from Coinbase, 1500 was sent from Xapo. True, this transaction transferred funds to another OKEX exchange, with which 5809 bitcoins were later withdrawn, almost half of which went to Binance. And finally, 3058 bitcoins were withdrawn from Binance to an unknown wallet.
The withdrawal of bitcoins from cryptocurrency sites began about four months ago. Since then, Bitfinex has lost more than a quarter of its reserves in BTC. A similar situation occurred with BitMEX and Huobi.
Experts from the analytical company Glassnode believe that the reason for the outflow of capital from exchanges may be the reluctance of investors to sell the asset at its current price. An alternative point of view was shared by Artyom Deev, AMarkets manager, who believes that investors are getting rid of cryptocurrency due to the crisis, transferring money to more stable assets.