Bitstamp witness massive Bitcoin withdrawal totaling $600 million

Quick Take

Yesterday, Nov. 22, marked the second-largest Bitcoin outflow of the year from digital asset exchanges, just over $600 million.

Exchange Netflow: (Source: Glassnode)

As observed by CryptoSlate, these outflows predominantly originated from two major platforms – Binance and Bitstamp. Post the Department of Justice (DOJ) and Binance agreement, Binance saw an exodus of approximately 8,000 Bitcoin, equivalent to nearly $288 million reported on Nov. 21.

Another sharp decrease was spotted on Bitstamp, with a drain of about 16,500 Bitcoin. This outflow, valued roughly at $600 million, has also been confirmed via Arkham Intelligence Platform, evidencing the transaction in five increments of 3,300 Bitcoin each, 16 hours ago.

Bitstamp Withdrawals: (Source: Arkham Intelligence)
Bitstamp Withdrawals: (Source: Arkham Intelligence)

Consequently, Bitstamp’s Bitcoin reservoir stands depleted, now housing approximately 24,000 BTC.

Exchange Balance Bitstamp: (Source: Glassnode)
Exchange Balance Bitstamp: (Source: Glassnode)

The post Bitstamp witness massive Bitcoin withdrawal totaling $600 million appeared first on CryptoSlate.

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