Bitcoin exchange deposits decline, mimicking 2019’s bearish trend
This chart presents the relative dominance of exchange-related deposits and withdrawals with respect to all confirmed transactions.
This chart presents the following traces:
- Total Transaction Count
- Total Deposit Transactions
- Total Withdrawal Transactions
- Exchange Transaction Dominance (%)
- Over a 14 DMA, Bitcoin deposits head lower as 2023 progresses, in line with the 2019 bear market.
- However, since the FTX collapse, Bitcoin withdrawals have been greater than deposits for the first time in Bitcoin history.
- This trend has continued into 2023, but the gap is getting closer between deposits and withdrawals.
- The transaction count is up considerably, mainly due to the traction of Ordinals.
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