Bitcoin exchanges see 180,000 BTC supply dwindle amid Mt. Gox BTC


Bitcoin (BTC) exchanges may have just seen the largest exodus of user funds ever, data suggests.

Data from on-chain analytics company Glassnode shows that on November 23, major exchanges fell nearly 179,000 BTC in monthly withdrawals.

Major exchanges are seeing record BTC withdrawals

With FTX contamination still in the air, exchange users have been busy withdrawing funds to non-custodial wallets.

As TSTIME reported, $3 billion in cryptocurrency left major platforms in the immediate aftermath of the FTX imploding.

That trend continues, Glassnode shows, with its data capturing the largest-ever decline in BTC reserves for the 30 days to November 23.

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Glassnode’s Exchange Net Position Change statistic puts the 30-day change of BTC supply in exchange wallets at -178,683 BTC. The stat includes 20 exchanges, including FTX.

Exchange BTC net position change table. Source: Glassnode

On a daily basis, the habits of exchange users remain fleeting. After seeing nearly 140,000 BTC in daily outflows on November 9 alone, the exchanges were less processed in withdrawals, with a local low of less than 19,000 BTC recorded for November 19.

However, since then the trend has reversed and the outflow totaled more than 86,000 BTC on November 23, according to Glassnode.

BTC total transfer volume from exchange chart. Source: Glassnode

HitBTC gets Mt. Gox hack deposit

Elsewhere, fellow on-chain analytics platform CryptoQuant sounded the alarm about a large tranche of BTC from the Exchange Mt. Gox in 2014.

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Related: Crypto Survived Worse Than FTX’s Fall: Chainalysis

According to CEO, Ki Young Ju, the stolen BTC is on the move, with 65 BTC sent to redeem HitBTC.

“7-year-old $10,000 BTC moved today. No surprise, it belongs to criminals, like most old Bitcoins. It is the BTC e-exchange wallet associated with the Mt. Gox hack from 2014. They sent 65 BTC to hitbtc a few hours ago, so it’s not a government auction or anything,” he said. tweeted.

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Ki called on HitBTC to freeze money from the incoming wallet.

Bitcoin exchange influx (BTC last moved at least 7 years ago). Source: CryptoQuant

Separate research from Chainalysis, meanwhile, indicated massive processing of Mt. Gox coins associated with exchange BTC-e, which itself shut down in 2017.

Several exchanges, along with private wallets and others, have been receiving BTC-e bitcoins in recent weeks, it explained in a blog post on Nov. 23.

As TSTIME reported, the movement of old coins in September also caused panic, as the rehabilitation process of Mt. Gox was coming to an end.

This article does not contain any investment advice or recommendations. Every investment and trading move involves risk and readers should do their own research when making a decision.