While bull markets commonly cause an influx of funds into crypto exchanges, it appears that exchanges are experiencing a massive outflow of Bitcoin at the same time.
Crypto exchange Coinbase recently experienced a 14,608 BTC outflow from the exchange, valued at $804 million. The massive withdrawal led to the total of Bitcoin held on exchanges drop. It fell to a new all-time low of roughly 2.31 million BTC according to Crypto Quant.
Bitcoin has been in huge demand following the massive price surge in 2021. BTC gained nearly 100% this year following a surge to the previous all-time high of $20,000 in late 2020.
