{"id":511327,"date":"2022-11-17T12:36:23","date_gmt":"2022-11-17T09:36:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-crypto-exchanges-lead-bitcoin-exodus-over-1-5b-in-btc-withdrawn-in-one-week\/"},"modified":"2022-11-17T12:36:23","modified_gmt":"2022-11-17T09:36:23","slug":"us-crypto-exchanges-lead-bitcoin-exodus-over-1-5b-in-btc-withdrawn-in-one-week","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-crypto-exchanges-lead-bitcoin-exodus-over-1-5b-in-btc-withdrawn-in-one-week\/","title":{"rendered":"# US crypto exchanges lead Bitcoin exodus: Over $1.5B in BTC withdrawn in one week"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a35fde36e800\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a35fde36e800\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/us-crypto-exchanges-lead-bitcoin-exodus-over-1-5b-in-btc-withdrawn-in-one-week\/#%E2%80%9D_US_crypto_exchanges_lead_Bitcoin_exodus_Over_15B_in_BTC_withdrawn_in_one_week_%E2%80%9C\" >&#8221; US crypto exchanges lead Bitcoin exodus: Over $1.5B in BTC withdrawn in one week &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/us-crypto-exchanges-lead-bitcoin-exodus-over-1-5b-in-btc-withdrawn-in-one-week\/#US_exchanges_lead_BTC_exodus\" >U.S. exchanges lead BTC exodus<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/us-crypto-exchanges-lead-bitcoin-exodus-over-1-5b-in-btc-withdrawn-in-one-week\/#%E2%80%9CAcute_financial_distress%E2%80%9D\" >&#8220;Acute financial distress&#8221;<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_US_crypto_exchanges_lead_Bitcoin_exodus_Over_15B_in_BTC_withdrawn_in_one_week_%E2%80%9C\"><\/span>&#8221; US crypto exchanges lead Bitcoin exodus: Over $1.5B in BTC withdrawn in one week &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-887bb764>Bitcoin (BTC) has flooded out of exchanges in the past week as users become wary of security and regulatory scrutiny.<\/p>\n<p>Data from on-chain monitoring resource <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/Balance\">Coinglass<\/a> shows United States exchanges in particular seeing heavy BTC balance reductions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"US_exchanges_lead_BTC_exodus\"><\/span>U.S. exchanges lead BTC exodus<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the wake of the FTX scandal, efforts to draw attention to the risk involved in custodial BTC storage stepped up on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a>.<\/p>\n<p>Users <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared to heed the warning, withdrawing over $3 billion in cryptocurrency in the week immediately following the solvency debacle and ordering record numbers of hardware wallets.<\/p>\n<p>The aftermath of FTX is only just beginning, meanwhile, and as regulators plan investigative action and more attention to crypto as a whole, investors angst continues to grow.<\/p>\n<p>The data shows the trend is still in force when it comes to exchange withdrawals. In the past seven days, practically all major platforms have seen net withdrawals outpacing deposits.<\/p>\n<p>The biggest weekly reduction comes from Gemini, down almost 30,000 BTC, closely followed by Kraken, Binance and Coinbase.<\/p>\n<p>Unsurprisingly, U.S. exchanges have seen particularly heavy withdrawals, the jurisdiction due to play a key role in the FTX saga going forward.<\/p>\n<p>This week, lawmakers announced a dedicated hearing into what happened at the exchange, with its ex-CEO, Sam Bankman-Fried, reportedly due to be extradited to the U.S. from the Bahamas.<\/p>\n<p>\u201cThe fall of FTX has posed tremendous harm to over one million users, many of whom were everyday people who invested their hard-earned savings into the FTX cryptocurrency exchange, only to watch it all disappear within a matter of seconds,\u201d Maxine Waters, Chair of the U.S. House Financial Services Committee, which will host the hearing, said, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/us-house-committee-hold-hearing-collapse-ftx-2022-11-16\/\">quoted<\/a> by mainstream media.<\/p>\n<p>The Coinglass figures meanwhile show that even those exchanges with no exposure to FTX have failed to stem the exodus.<\/p>\n<p>In total for the week, 134,000 BTC has left their books \u2014 the equivalent of around $2.2 billion at current prices, with around $1.5 billion coming from U.S. platforms.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/9e96359d-f3e6-4706-bf89-bbe2d7d447d6.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin exchange balance chart. Source: Coinglass<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CAcute_financial_distress%E2%80%9D\"><\/span>&#8220;Acute financial distress&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Cointelegraph reported, while exchange withdrawals have surged, the average BTC hodler remains significantly underwater \u2014 and thus less than inclined to sell.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin price dips to $16.4K over Genesis woes as execs defend GBTC<\/em><\/strong><\/p>\n<p>Data from on-chain analytics firm <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/glassnode\/status\/1593148582508613633\/photo\/1\">Glassnode<\/a> confirms this. The average long-term holder (LTH) \u2014 an entity holding coins for at least 155 days \u2014 is 33% in the red.<\/p>\n<p>This is almost unprecedented and matched only by the pit of the 2018 bear market, when the average tally hit 36%.<\/p>\n<p>Accompanying comments described LTHs as undergoing \u201cacute financial distress.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/1c783907-cbb6-4ddd-8c01-54846f2eb594.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin LTH unrealized losses annotated chart. Source: Glassnode\/ Twitter<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/us-crypto-exchanges-lead-bitcoin-exodus-over-1-5b-in-btc-withdrawn-in-one-week\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; US crypto exchanges lead Bitcoin exodus: Over $1.5B in BTC withdrawn in one week &#8220; Bitcoin (BTC) has flooded out of exchanges in the past week as users become wary of security and regulatory scrutiny. Data from on-chain monitoring resource Coinglass shows United States exchanges in particular seeing heavy BTC balance reductions. U.S. exchanges&#8230;<\/p>\n","protected":false},"author":1,"featured_media":511328,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvOTZlYWZkMDItN2I2My00NGNhLWE1MjEtYTg2YTk4MGEwZTA3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74956,74860,135234,74864,75540,73785],"class_list":["post-511327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-coinbase","tag-cryptocurrency-exchange","tag-ftx","tag-gemini","tag-kraken","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=511327"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511327\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/511328"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=511327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=511327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=511327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}