Users are massively withdrawing bitcoins from exchanges — over 78% in six months

In the second half of 2022, about 550,000 bitcoins were withdrawn from the accounts of cryptocurrency exchanges, as cryptocurrency was transferred to cold wallets. As a result, the number of CTS stored on exchanges has decreased to 22% of the total supply on the market.

According to Glassnode, the leader in the withdrawal of the flagship cryptocurrency was Binance, Чанпен Чжао" href="https://noworries.media/biography/chanpen-chzhao/" data-bio-id="3681">which lost more than 90,000 BTC. The second place went to Армстронг «href="https://noworries.media/biography/brajan-armstrong/» data-bio-id="3684">Brian Armstrong 's brainchild, with about 200,000 BTC withdrawn from Coinbase. The bankrupt FTX exchange lost more than 70,000 BTC before the funds were blocked and Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried was arrested.

Glassnode experts note that at the beginning of 2022, OTC storage of BTC was recorded at about 14 million units, but as of December, it exceeded 15 million. The analysts concluded that 78% of BTC circulating on the market is stored on cold wallets.

Despite the fact that Binance lost the most bitcoins in a year, the crypto exchange’s CEO even campaigned for people to keep cryptocurrency on personal wallets after the FTX crash. Changpeng Zhao noted: «Self-storage of assets is a fundamental human right. You can do it at any time, but make sure you store your cryptocurrency properly. Start with small amounts to familiarize yourself with the technology and tools for storage. Mistakes can be costly.»

The Binance CEO emphasized that users can continue to trust the cryptocurrency exchange, as Binance has no loans, does not issue loans on its platform, and does not owe money to anyone. In addition, the exchange does not use customer money to generate additional income. «If all clients withdraw funds from our exchange, we will simply close the platform. We have many other profitable business lines,» Zhao emphasized.