Bitcoin Withdrawals Near Record as Investors Pull $2 Billion from Exchanges

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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March 4, 2024 00:35 EST

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Bitcoin is witnessing a significant movement, with exchanges experiencing a near-record outflow of over $2 billion.

According to a post by James Van Straten on X (formerly known as Twitter), the statistics from the on-chain analytics firm Glassnode showed that the Bitcoin market saw a notable exodus on March 1, with exchanges seeing around $2.3 billion in withdrawals.

I don’t think I’ve quite seen anything like this before.

All in all on the Friday, just over $2.3B worth of #Bitcoin left exchanges. One of the biggest withdrawals in over 5 years.

(Roughly $200M of this was sent to Coinbase Prime) so let’s call it $2B.

Binance saw about… https://t.co/QkSumLzDrn pic.twitter.com/XrrXp9vF20

— James Van Straten (@jvs_btc) March 3, 2024

One of the Largest Withdrawals Near Record

This recent movement challenges the previous records observed in 2021, when critical withdrawals similarly signaled a shift in the market. In comparison, the daily outflows around the end of June 2021 were among the highest recorded.

“I don’t think I’ve quite seen anything like this before,” said Van Straten.

As of March 2, Glassnode reported that the total Bitcoin held on major exchanges has fallen to 2,286,347 BTC, valued at approximately $142.5 billion. This marked the lowest level of Bitcoin assets on exchanges since March 2018.

“Binance saw about $400M, and seen fairly big outflows for the past few days. Coinbase saw the rest,” said Van Straten. “Binance outflows are the interesting ones because they have nothing to do with the ETF.”

The post also included a screenshot of the most considerable transactions on Binance.

These are $50M+ outflows from Binance, but most of the transactions are $10M+ too many to screenshot. pic.twitter.com/vxeZmdrKTa

— James Van Straten (@jvs_btc) March 3, 2024

“These are $50M+ outflows from Binance,” said the post. “But most of the transactions are $10M+ too many to screenshot.”

Bitcoin Price Briefly Touching $64,000

CoinMarketCap

shows that Bitcoin is trading at $63,632 at the time of writing, 2.54% up from 24 hours ago. More importantly, Bitcoin price briefly touched the $64,000 level, reaching as high as $64,163 before falling to the $62,000 mark again.

In addition, the consolidation above $62,000 has already made 99% of the addresses profitable. Bitcoin analyst PlanB suggested that the crypto is entering an explosive bullish market with a 10-month surge powered by the fear of missing out (FOMO).