Bitcoin (BTC) users have completely forgotten about the FTX scandal this Christmas, data shows.
According to on-chain analytics firm Glassnode, withdrawals from exchanges have hit their lowest level in more than six months.
Still not your keys, still not your coins?
While the volatility of Bitcoin marks a new all-time low in what has happened in to call “December of doing nothing”, the habits of exchange users are also rapidly adapting to the current climate.
After seeing an overwhelming rise in light of the FTX crash, BTC withdrawals from exchange wallets have completely reversed the spike that started about six weeks ago.
After peaking at 142,788 BTC on Nov. 14, withdrawals from trading platforms tracked by Glassnode have dropped more than tenfold.
On December 25, the latest date for which figures are available, the total withdrawal from exchanges was just 9,352 BTC, down 93.5%.
Also, the last time withdrawals were this low on a daily basis was seven months ago, in May.
As Cointelegraph reported, immediately after the FTX crash, exchange reserves dropped by more than $3 billion in a single week.
The balance of BTC on exchanges stood at 2,252 million BTC on Christmas Day, which is a decrease of almost 21% compared to the maximum of 2,845 million BTC reached in January 2022.
BTC supply is becoming more stationary
Meanwhile, record low volatility is reflected in on-chain data, with traders reluctant to move coins or little need to.
glassnode confirm Unspent transaction outflows (UTXOs) with a lifetime of between a week and a month have fallen to their lowest figures in 15 months.
The popular HODL Waves metric, which groups UTXOs by age, shows an increase in coins that last moved 1-2 years ago over the course of December.
These now represent more than 20% of the total BTC supply.
The views, thoughts and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.