On July 8, he set an annual record for the amount of net Bitcoin (BTC) withdrawn from custody exchanges. The attack was led by Coinbase.
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A bullish signal?
Yesterday, 20,660 more Bitcoins were withdrawn from the exchanges than were deposited according to Glassnode data. This represents the largest daily output of Bitcoin from the 2020 exchanges, a pattern of behavior generally considered to be bullish.
Coinbase leads the exodus
Interestingly, Coinbase was the only one to experience a net outflow of 20,787 BTC, higher than the total of all exchanges. Discounting Coinbase, the other exchanges tracked had a small spike.
The price of Bitcoin will never officially reach zero anymore – this is why
Although Coinbase experienced negative withdrawals from Bitcoin, it recorded almost a thousand more deposits than withdrawals. As it generally experienced negative withdrawals, this means that the average withdrawal amount was higher than the average deposit amount. It is possible that the average withdrawal amount is skewed by one or more large withdrawals made by your escrow customers.
Coinbase would be preparing to trade in the stock market later in 2020
Regardless of the cause behind this latest flow of Bitcoin withdrawals, the trend for users to withdraw their assets from custody exchanges continues.