FTX’s Collapse Has Led to a Cut in BTC Reserves on Exchanges

The collapse of crypto trading platform FTX has led to a record outflow of Bitcoins from exchange balances to cold wallets. Talking about specific figures, the monthly rate has reached 106,000 BTC.

According to Glassnode experts, 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 around 90,000.

The outflow of BTC from trading floors to non-custodial wallets is a signal of investor confidence in the long-term prospects of digital gold. The current withdrawal is due to the loss of confidence in the storage of coins on centralized exchanges.

Glassnode analysts have noted:

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