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Centralized cryptocurrency exchanges are facing a massive outflow of Bitcoin (BTC) and Ethereum (ETH) in recent months. According to recent data from on-chain analytics platform CryptoQuant, between April 1 and June 1, 2024, Coinbase recorded an outflow of over 40,000 BTC.

Additionally, over the past 13 days, traders have withdrawn an additional 10,889 Bitcoins, worth approximately $726 million, from the San Francisco-based exchange.

Detailed analysis shows that since May 13, approximately $7.05 billion worth of Bitcoin has been withdrawn from all centralized exchanges tracked by CryptoQuant. In the last 30 days, from May 13 to June 13, these exchanges lost 105,706 BTC, valued at $7.05 billion. In the same period, exchanges also saw a reduction of 1.08 million ETH, totaling $3.7 billion.

On-chain statistics from Arkham Intelligence show that Coinbase currently holds 877,448 BTC, including its exchange and custody services. As of June 1, Coinbase held 888,337 BTC, indicating a divestment of 10,889 Bitcoins in the last 13 days. Despite this reduction, Coinbase remains one of the largest holders of BTC in terms of reserves.

BTC and ETH withdrawals

Binance, another cryptocurrency market giant, also holds a substantial amount of BTC. Thirteen days ago, Binance had 642,528 BTC, and its reserves currently stand at 643,567 Bitcoin, reflecting an inflow of 1,039 BTC during the first two weeks of June.

Coinbase isn’t the only exchange to experience significant drawdowns this month. Robinhood’s BTC reserves fell from 139,462 BTC to 136,943 Bitcoins, resulting in a loss of 2,519 BTC so far in June. This move may be driven by a growing investor desire for self-custody as centralized exchanges witness substantial asset outflows.

The move of large amounts of Bitcoin and Ether from centralized exchanges to private wallets reflects a growing trend of investors seeking greater control and security over their digital assets. Furthermore, this movement is usually accompanied by a period of rise in cryptocurrencies or consolidation, as with less supply of assets on exchanges and growing demand, prices tend to increase.

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