More than $230 million in bitcoin hasve been withdrawn from cryptocurrency exchanges since Monday’s block reward halving.
According to a report by Bitcoin.com, investors have been increasingly withdrawing bitcoin from cryptocurrency exchanges since mid-April, with an uptick occurring following Monday’s halving. Data from Glassnode’s Bitcoin Exchange Net-Flow statistics shows that nearly 24,000 BTC (~$233 million) has been withdrawn from trading accounts since May 11.
According to a tweet published by Glassnodes on May 13, withdrawals briefly dipped in the hours before and after Monday’s halving before resuming their upward trend.
In the hours before and after #Bitcoin's halving, exchange net flow decreased significantly.
— glassnode (@glassnode) May 13, 2020
The report claims exchanges have been disproportionately impacted by the withdrawals. Coinbase has maintained the most reserve BTC through the halving, with few investor withdrawals relative to the market. Bitfinex’s reserves fell from 205,000 BTC mid-April to 134,000 following the halving, while Bitmex witnessed a loss of 14,000 BTC. Likewise, Huobi reserves fell more than 20,000.
Of the exchanges noted, only Bitstamp witnessed an increase in BTC reserve holdings following the halving, jumping from 66,000 BTC in mid-April to 71,000 BTC as of Wednesday.
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