106,000 BTC Have Been Withdrawn from Exchanges in a Month Due to FTX’s Crisis

A record outflow of Bitcoins from exchange balances to cold wallets has been seen amid the collapse of FTX. According to Glassnode experts, the monthly rate has reached 106,000 BTC.

According to them, earlier such high rates were typical for April and November 2020, as well as June-July 2022.

On November 9, the number of wallets that supported this trend reached 90,000.

The outflow of Bitcoins from exchanges to non-custodial wallets means investor believe in the long-term prospects of BTC. This means that the current withdrawal is probably due to the loss of confidence in the storage of coins on centralized exchanges.

According to the company’s analysts:

“The collapse of FTX led to very clear changes in the behavior of Bitcoin holders in all cohorts.”