The users of centralized cryptocurrency exchanges are withdrawing 2,000 Bitcoins ($66 million) daily to their personal wallets, according to Glassnode analysts.
The company's experts noted this situation has been going on since the end of May. As a result, Bitcoin volume on exchanges is returning to April levels, when the reference crypto reached its all-time high at around $65,000.
According to Glassnode analysts, Bitcoin's growth phase was accompanied by the steady withdrawal of cryptocurrencies from exchanges. A significant portion of these assets were concentrated in the Grayscale Bitcoin Trust or were purchased by institutional investors, who provided "a steady net outflow from exchanges." However, the situation changed in May, when investors started sending their coins to exchanges to sell them amid the reversal in price trends. The Glassnode report states:
"On a 14-day moving average basis, the last two weeks in particular have seen a more positive return to exchange outflows, at a rate of ~2k BTC per day."
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
The company's analysts have also noted the proportion of on-chain transaction fees associated with exchange deposits has fallen to 14% over the past week, after rising to 17% in May. The proportion of fees associated with withdrawal transactions increased from 3.7% to 5.4%. At the same time, users have started transferring more assets to DeFi projects. For example, since June 26, the volume of funds in DeFi projects has grown by 21% from $92 billion to $111 billion, according to DeFiLlama data.