$2B worth of Bitcoin withdrawn from exchanges, setting unprecedented records in daily withdrawals

Bitcoin (BTC) is being withdrawn from exchanges at a rapid pace as its price approaches all-time highs. James Van Straten, a research and data analyst at crypto insights firm CryptoSlate, highlighted the significant BTC withdrawals in a recent post. Using data from on-chain analytics firm Glassnode, Van Straten revealed that on March 1 alone, withdrawals amounted to approximately $2 billion. This level of withdrawal is unprecedented and indicates that mainstream investors may not have returned to the crypto market yet. The United States spot Bitcoin exchange-traded funds (ETFs) played a role in these withdrawals, with approximately $200 million being sent to custodian Coinbase Pro. Binance also experienced significant outflows, totaling around $400 million over the past few days. Glassnode data shows that the total amount of BTC assets available on major trading platforms is at its lowest level since March 2018, standing at 2,286,347 BTC ($142.5 billion) as of March 2. However, while BTC is being withdrawn from exchanges, new investors are entering the market. Analysis of unspent transaction output (UTXO) ages indicates that more “younger” coins are being used, suggesting the influx of new individual investors. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.