Cryptocurrency exchanges have seen their Bitcoin balances drop by more than 20% from a January peak as the crypto winter deepens and investors move into a hodling mode where they self-custody their funds.
According to analysis by Glassnode, on-chain activity dropped by more than 13% in early July from November’s highs to levels last seen during the 2018 bear market. Crypto exchanges have seen their BTC balances drop more than 20% from a January 20 peak as investors move funds into cold storage.
In a newsletter, the firm wrote:
“Bitcoin has seen a near complete expulsion of market tourists, leaving the resolve of HODLers as the last line standing.”
Investors have also been moving coins off exchanges because of recent halts in operations at cryptocurrency lenders. Companies including CoinFLEX, Celsius, and Vauld halted withdrawals, while CoinLoan reduced withdrawal amounts, reducing investors’ confidence on centralized platforms.
In June, investors moved 223,000 Bitcoin off of cryptocurrency exchanges and into wallets they control.
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