Bitcoin continues to exit exchanges

Bitcoin is rapidly exiting exchanges at a rate not seen in years, with nearly 80,000 bitcoins moved off platforms in the past 30 days.

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Coinbase April Releases

As we’ve highlighted in previous analysis, bitcoin’s latest outflow from exchanges has been relentless over the past month despite the lack of price appreciation. March 2022 being the second highest outflow month in bitcoin history, April has followed so far with similar outflow strength. In our view, FX balance outflows are one of the best metrics available to gauge current demand and accumulation sentiment.

Over the past 30 days, nearly 80,000 bitcoins, worth more than $3 billion, have exited exchanges, with the largest outflows coming from Coinbase. Previous major 30-day exits at this level have been consistent with price appreciation, but now we find ourselves in a much more unique market structure.

30-day sum of bitcoin exchange flows (bottom) and price-weighted flows (top)

When we talk about exchange balances, the majority of the market can be explained by Coinbase and Binance trends, with both exchanges having over 20% of the total known bitcoin exchange balances on their platforms respectively. Together, they make up 48% of known bitcoin on exchanges. We rely on Glassnode’s heuristics and data science techniques to determine known exchange addresses and balances.

Bitcoin balance on various exchanges based on percentage held by each exchange

Coinbase reports a much higher number of bitcoin “platform assets” because they also include the amount of bitcoin in their institutional custodial services. At the end of last year, they declared over 2.4 million bitcoins on their platform.


As for their exchange balances, the total bitcoin balance is down 8.63% since the start of the year and 39% since the May 2020 peak. time. Last Thursday was one of the biggest single day releases (in terms of bitcoin) in recent years.

Bitcoin balance on the Coinbase exchange

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