Major centralized exchanges (CEXs) have witnessed a significant outflow of Bitcoin (BTC) in the past two months, totaling approximately 204,772 BTC, as per crypto analyst HODL15Capital. This equates to a value of around $20.2 billion at current BTC prices. Coinbase, one of the leading CEXs, saw a notable outflow of 86,316 BTC. Binance, another major player, experienced a decrease of 42,865 BTC. Other exchanges such as Gemini, Kraken, and Upbit also recorded outflows of 10,188 BTC, 13,076 BTC, and 6,024 BTC, respectively. This trend suggests that investors are increasingly moving their BTC away from centralized exchanges and into self-custody solutions, such as hardware wallets. This may be driven by concerns over the security and control of their crypto assets, particularly in light of recent high-profile hacks and exchange failures.
Major Exchanges See Outflow of $20.2 Billion in Bitcoin
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