On-chain data from Glassnode shows Bitcoin (BTC) movements hit a new record for the largest net decline in aggregate BTC balances on exchanges, down 72,900 BTC in one week.
A similar move occurred in April 2020, November 2020, and June 2022 with the current outflow leaving around 2.25 million BTC on exchanges.
Exodus on exchanges for Ether, but not for stablecoins
While Ether (ETH) did not experience an all-time high outflow from exchanges, 1.1 million Ether was withdrawn from exchanges over the past week. According to Glassnode, this marks the biggest 30-day exchange balance drop since September 2020 during the DeFi summer of the same year.
Contrary to the declining balances of Bitcoin and Ether on exchanges, stablecoin balances are still net positive on exchanges, meaning their balances are growing. More than $1.04 billion worth of USDT, USDC, BUSD, and DAI moved to exchanges on November 10. This marks November 10 as the seventh largest stablecoin inflow to exchanges.
According to Glassnode, with the large influx of stablecoins onto exchanges, the current total of $41.186 million is an all-time high.
Bitcoin miners keep selling
Bitcoin miners remain under extreme pressure, with data highlighting hash prices at all-time lows. Lower hash prices led miners to sell around 9.5% of their hoards, which is about 7.76 million BTC. This sale marks the biggest monthly decline in miners’ balances since September 2018.
Performance of decentralized and centralized altcoins
Using asset basked to analyze the performance between decentralized exchange (DEX) and centralized exchange (CEX) tokens, Delphi digital found that when comparing basket prices to BTC, the DEX basket had gained 24% while the CEX basket It’s down 2%.
In general, on-chain activity correlates with general Bitcoin, Ether and altcoin market sentiment, with the current FTX chaos catalyzing historic exchange exits and CEX token underperformance. One trend likely to emerge from the current chaos is a steady rise in self-custodial cryptocurrencies and increased use of DEXs.
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