Cryptocurrency Exchanges See Record Outflow of Bitcoins

The number of Bitcoins (BTC) withdrawn from cryptocurrency exchanges saw a new high on July 8.

The withdrawal was led by Coinbase. 20,660 net Bitcoins were moved out of exchanges yesterday, as per data provided by Glassnode.
It is the largest outflow of Bitcoin from cryptocurrency exchanges in a single day, a pattern usually perceived as bullish.

Notably, Coinbase solely recorded a net outflow of 20,787 BTC, greater than the aggregate of Bitcoin that left all other exchanges.

Barring Coinbase, other monitored cryptocurrency exchanges also recorded a small increase.

Even though Coinbase witnessed net outflows of Bitcoin, the number of deposits was thousand more than withdrawals, implying that the average quantity of Bitcoin withdrawn per transaction was way higher than the average number of BTC deposited per transaction.

There could also be one or more large quantity of Bitcoin withdrawals, primarily by custodial client of Coinbase, eclipsing the quantity of Bitcoin deposited.

Irrespective of the reason behind the Bitcoin outflow, the trend of crypto asset withdrawals, from cryptocurrency exchanges, by customers continue.