Bitcoin withdrawals surpass deposits for the second time in six months

Quick Take

The following chart presents the relative dominance of exchange-related deposits and withdrawals with respect to all confirmed transactions, according to Glassnode data as of June 16. The chart presents the following traces:
- Total Transaction Count
- Total Deposit Transactions
- Total Withdrawal Transactions
- Exchange Transaction Dominance (%)
In the past six months, exchange withdrawals have surpassed exchange deposits for the second time.
The first time this happened was during the FTX collapse in 2022, as investors started to take custody of their coins and remove them from exchanges.
This trend continued into 2023 but then started to drop off.
However, we are now seeing withdrawals start to outpace deposits again, which first started on June 5, the day of the first SEC lawsuit.
This trend has continued, and divergence has only grown.
The current exchange withdrawals are 58,000 Bitcoin, while exchange deposits are 49,000 Bitcoin.