Around $120 million worth of Bitcoin (BTC ) was withdrawn from crypto exchanges on Jan. 10, according to Glassnode’s data.
Roughly $50 million of the withdrawals came from Binance, while $30 million was pulled from Coinbase.
The above chart shows that there have been more BTC outflows than inflows on crypto exchanges since the beginning of 2023.
According to the chart, the most significant BTC inflow was around $80 million, which occurred on Jan. 4 –however, exchanges saw outflows worth roughly $40 million on the same day.
On other days, the firms have mostly seen more outflows than inflows.
CryptoSlate research reported that Bitcoin balances on exchanges declined sharply toward the end of last year following FTX’s collapse. At the height of the FUD, Binance saw over $600 million BTC withdrawn from its reserve in a single day, while Coinbase saw BTC withdrawals of roughly $3.5 billion in November.
Amid all these withdrawals, BTC’s illiquid supply in cold or hot storage wallets passed 15 million coins. This showed that crypto investors favored self-custody because of FTX’s implosion.
Meanwhile, self-custody challenges were laid bare when a Bitcoin core developer lost over 216 BTC to a compromise.