Users have withdrawn an all-time record number of BTC from centralized exchanges

Over the last 24 hours, the outflow of the first cryptocurrency from CEXs has exceeded 224%

24.01.2023 - 13:00

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What’s new? According to analytics platform CryptoQuant, in late 2022-early 2023, the market recorded a record outflow of bitcoins from centralized exchanges (CEXs) for the entire existence of the first cryptocurrency.

CryptoQuant’s data

What else is known? According to CryptoQuant, the outflow of bitcoins from CEXs in the last 24 hours alone amounted to 224,03%. Withdrawal of funds from exchanges may be due to increased user interest in decentralized platforms (DEXs) after the collapse of the FTX exchange and several other centralized crypto companies.

According to analysts at Kaiko, DEX tokens were the least affected by the 2022 market crash. They fell by an average of 16%, performing better than BTC. At the same time, Layer 1 (L1) network tokens have collapsed by 34% since the beginning of November.

For more details on why traders are switching to decentralized exchanges after FTX’s collapse, see GetBlock Magazine’s article.

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