After what several companies stopped withdrawals, Bitcoin outflow volume from exchanges reached an all-time high. In total, investors withdrew around 150,000 bitcoins in the last month, an amount equivalent to $3,304,911,097 million USD.
In addition to bankruptcies, to serve as an example, another point that may be contributing to this “exchange race” is the dvarious rumors that more companies are insolvent.
Although they are just rumours, always without citing sources or clear evidence, the truth is that few are willing to risk losing their bitcoins by trusting third parties.
Bitcoin’s place is in your wallet
They say hard times make people strong, and this bear market is showing it. With many companies making withdrawals due to insolvency, many investors are learning that the exchange is not a wallet.
According to data from Glassnode, this is the period with the most bitcoins leaving exchanges. In total, more than 150,000 BTC were moved in the month of June, equivalent to $3,304,911,097 million USD at the current price.
“Exchanges experienced the largest monthly drop on record, reaching an outflow rate of 150,000 BTC/month.”
Entry and exit of Bitcoin from cryptocurrency exchanges. Source: Glassnode
Additionally, rumors of more exchanges being insolvent may have also contributed to these numbers. After all, the safest place to store bitcoins is your own wallet.
Finally, another point that can be analyzed in the image above is related to the bitcoin price. A higher inflow may represent more supply in the market, a higher signal, while a higher outflow may represent a lower signal.
Where did these bitcoins go?
Also according to Glassnode, those who are taking advantage of the fall to buy are two groups, the whales that have more than 1,000 bitcoins and the shrimp, that is, those that have less than 1 BTC in their wallets.
Therefore, although the market has not yet finished expelling companies that work with excesses, the tendency is that we are near the end of this phase, with few and small ones remaining in the queue.
Therefore, $20,000 is probably the best buying opportunity for anyone thinking about the long term. After all, the worst seems to be over and whoever survived is stronger.