Over 179,250k BTC have been withdrawn from exchanges in the past 30 days. Thats a new record and very unusual to happen during a price-downturn.

If all that FTX-drama did one good thing that is making people fear to keep their crypto in exchanges as they now have seen that its truly not in their custody at all and exchanges basically just “gamble“ it away.

All of this has now caused even more people to take the expression: “not your keys, not your coins“ seriously. As nearly 180k Bitcoin has been taken off exchanges on a net basis over the last 30 days, thats a new record. But also very unusual to happen right now…

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Net position changes on BTC by Glassnode. (basically, red = withdrawn and green = deposit)

If you look closer you can see that high amounts of deposits usually coincide with a downturn in price, which makes sense as people usually panic and try to sell their crypto. Meanwhile, high amounts pf withdrawals happen just during a price upturn as people either buy crypto then or are confident enough to put theirs in cold-storage.

Now it has been different, we had a big downturn due to the FTX collapse and panic AND meanwhile people were withdrawing in record-speed from exchanges, thats highly unusual and basically supports the thesis that people got so scared away from FTX-collapse that they are finally starting to not trust exchanges.

Thats an amazing foundation for the next bull run, people are finally taking self-custody of their crypto.