Cryptocurrencies
Investors Take Bitcoin Off Exchanges as Crypto Winter Settles In
- Crypto whales withdrawing funds from exchanges, Glassnode Says
- Coinbase overtaken by Binance as most popular Bitcoin exchange
This article is for subscribers only.
As the crypto winter deepens, only the staunchest Bitcoin investors are still holding onto their tokens -- but not on the exchanges.
Investors in the world’s biggest cryptocurrency are going into hibernation mode with on-chain activity dropping by 13% in early July from November’s highs -- levels last seen in the bear phases of 2018 and 2019 when Bitcoin was worth less than $10,000 -- according to a Glassnode analysis.