Great Migration Started on Cryptocurrency Exchanges: Investors Carry Their Bitcoins (BTC)

New chain data shows that Bitcoin (BTC) traders are protecting their funds in the face of recent market collapse and increasing global economic turmoil.

Bitcoin (BTC) Amount Found in Exchanges

According to crypto analytics firm Glassnode, cryptocurrency investors are quickly withdrawing their BTC from exchanges and carrying them to private wallets. The lowest BTC amount on the stock exchanges was observed in the past eight months after this move. Glassnode explains this situation in his reports as follows:

Despite volatility, Bitcoin owners seem to be pulling their funds from exchanges. Outputs have been increasing daily since March 18. According to the data, BTC foreign exchange balances in stock exchanges are at the lowest level in the last 8 months.

? the #Bitco $ BTC Number of New Addresses (3d MA) increased significantly in the last 24 hours.

Current value is 15,412.306 (up 11.7% from 13,803.542)

View metric: https: //t.co/7WO8UHxK1q pic.twitter.com/0jrmyjlhff

– glassnode alerts (@glassnodealerts) March 26, 2020

There are some potential explanations for the mass migration of BTC from crypto exchanges. Investors may be carrying their BTC for the following reason:

• Choosing to keep custody of their own assets without intermediaries
• Deciding to wait and stop trading in the long run
• Concerned about the liquidity of crypto exchanges during the downturn of the market

The move coincides with the increase in the creation of new Bitcoin addresses. Glassnode’s research team reported that the three-day moving average of new addresses increased by 11.7% in a 24-hour period between Wednesday and Thursday.