Bitcoin (BTC) exchanges may have seen the largest exodus of user funds in history, according to the data.
Data from on-chain analytics firm Glassnode shows that on Nov. 23, major exchanges lost nearly 179,000 BTC in monthly withdrawals.
Major Exchanges Record Record BTC Withdrawals
With the FTX contagion still raging, exchange users have been busy withdrawing funds to non-custodial wallets.
As Cointelegraph reported, $3 billion worth of cryptocurrency left major platforms immediately after the FTX implosion.
This trend continues, as shown by Glassnode, whose data shows the largest decline in the history of BTC reserves in the 30 days prior to November 23.
Glassnode’s Exchange Net Position Change metric puts the 30-day change in BTC supply on exchange wallets at -178,683 BTC. The metric covers 20 exchanges, including FTX.
On a day-to-day basis, exchange user habits remain volatile. After seeing nearly 140,000 BTC in daily withdrawals on Nov. 9 alone, exchanges processed fewer withdrawals, with a local low of less than 19,000 BTC recorded on Nov. 19.
However, the trend has since reversed, with withdrawals on Nov. 23 totaling more than 86,000 BTC, according to Glassnode.
HitBTC receives BTC from Mt. Gox hack
On the other hand, the on-chain analysis platform CryptoQuant triggered alarms about a significant amount of BTC from the Mt. Gox hack in 2014.
According to CEO Ki Young Ju, stolen bitcoins are on the move, with 65 coins being sent to HitBTC.
“Today 10,000 7 year old BTC moved. Not a surprise, it’s from criminals, like most old Bitcoins. It’s the BTC-e exchange wallet related to the 2014 Mt. Gox hack. They sent 65 BTC to hitbtc a few hours ago, so it’s not a government auction or something,” tweeted.
Ki asked HitBTC to freeze the funds immediately.
Meanwhile, a separate investigation by Chainalysis pointed to the massive processing of Mt. Gox coins associated with the BTC-e exchange, which itself shut down in 2017.
Several exchanges, along with private wallets and others, have received bitcoins from BTC-e in recent weeks, he explained in a blog post on Nov. 23.
As Cointelegraph reported, the movement of old coins in September also sparked panic, as the redemption process for Mt. Gox was drawing to a close.
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