Crypto's Brutal Winter: Staggering Amount Of Bitcoin Gets Removed From Exchanges

Zinger Key Points
  • Massive withdrawal of Bitcoin from exchanges raises concerns about market instability.
  • Coinglass data shows 44,444 Bitcoin removed from exchanges in last month.

Amid an extended crypto winter, some 44,444 Bitcoin BTC/USD have been taken off exchanges in the last month, according to statistics from Coinglass.

That's a staggering $745 million.

Investors continue to express concern about the reeling crypto market, which was made worse by the FTX FTT/USD scandal and the drama surrounding its disgraced founder, Sam Bankman-Fried.

Also read: NFT Marketplace OpenSea Delists Cuban Artists To Comply With US Sanctions Law

“The collapse of FTX and revelations of billions of dollars of investors' money being stolen by a white-collared individual (Sam Bankman-Fried) who was known to be close to lawmakers, has eroded the trust of people in centralized exchanges and they do not seem to think that their cryptos are safe there,” Noel Saldanha, an independent crypto analyst, told Benzinga.

Regulatory concerns surrounding crypto exchange Binance BNB/USD have only exacerbated the concerns and people are now experiencing the adage “not your keys, not your coins,” Saldanha added.

The U.S. Department of Justice is reportedly investigating Binance and specific individuals related to the firm, including its CEO and founder Changpeng Zhao.

Prosecutors are split on whether to pursue the case vigorously or wait to review further evidence.

Glassnode announced at the beginning of November that the FTX collapse had caused investors in Bitcoin to move their holdings to self-custody at a "historic rate of 106k" each month.

Next: Crypto Investors, Beware - Proof Of Reserve Audits Don't Prove Anything, SEC Warns

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsTop StoriesMarketsBinanceBitcoin removed from exchangescentralized ExchangesCrypto exoduscrypto winterFTX collapseGlassnodeInvestors moving holdings to self-custodyMarket instabilitynot your coinsNot your keysRegulatory concernsSam Bankman-FriedSelf-custodySelf-custody at a historic rate
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