Skip to content

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
Bloomberg business news
Crypto Report: Mike Novogratz on Headwinds

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.