The greatest withdrawal this year and the biggest since December involved almost $800 million worth of Bitcoin from exchanges, according to blockchain analytics company Glassnode.
The largest U.S. exchange, Coinbase, is where the enormous transfer of digital money is said to have taken place.
According to Glassnode’s statistics, the daily on-chain exchange movement indicated a net outflow of Bitcoin of almost $709.1 million.
This trend also affected other well-known cryptocurrencies; while on a much lesser scale, Ethereum and Tether (USDT) both saw net outflows.
Such large withdrawals may indicate a number of different investor actions, such as the transfer of holdings to private wallets or a change in direction towards a long-term holding strategy.
It’s also interesting to note from Glassnode’s statistics that the number of addresses getting Bitcoin via exchanges has dropped to a nine-month low. This metric’s seven-day moving average fell to 1,676.357, almost edging out the previous nine-month low of 1,678.024 seen on May 15.
It seems unclear that the enormous transfer is indicative of a wider trend towards increased self-custody of digital assets or an indication of market consolidation because it is likely to be attributable to a single whale. Regardless, it was large enough to attract analysts’ attention.
