Users Are Holding $220 Million More Bitcoin Since the Halving – Cointelegraph

Almost 24,000 Bitcoin (BTC) have been withdrawn from exchanges since Bitcoins halving on May 11, according to Bitcoin Exchange Net-Flow data from on-chain market analysis platform Glassnode. The trend of Bitcoin flowing out of exchanges started in mid-April and has continued with only a short reprieve in the hours before and after the halving:

This trend could signify two new developments that current users are taking more responsibility for their own funds rather than trusting exchanges, or that a large portion of new users are looking at Bitcoin as a store of value rather than as a trading asset.

The crypto community have regularly questioned exchanges security and the wisdom of users holding large balances of crypto on them. Bitcoins unofficial twitter account of over 1 million followers says in their profile:

Not your keys; not your coins.

Exchange hacks are increasing with more sophistication Crypto data analytics group Chainalysis reported in their 2020 Crypto Crime Report. In the last two years over $1.1 billion in crypto has been stolen in exchange hacks alone with an all-time high of 11 attacks occurring in 2019.

Source: Chanalysis.com

The top 10 exchanges hold almost 13% of the total circulating Bitcoin supply with over 2,300 ($21.7 billion) BTC in on-chain wallets. Coinbase tops the list with almost 1 million (5.2%) in their control which many argue is enough to manipulate Bitcoins price at whim.

The number of daily active Bitcoin addresses has surpassed 1 million for the third time ever. Prior to this the number of active users saw similar volumes only during mid-June 2019 and the bull run in late 2017.

Source: studio.glassnode.com

The number of new addresses has also been steadily on the rise with the weekly average hitting a two-year high during this week.

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Users Are Holding $220 Million More Bitcoin Since the Halving - Cointelegraph