Quick Take
On Feb. 4, a single entity withdrew over $120M in Bitcoin from Gate.io, the second largest withdrawal in the exchange’s history. Roughly 10,000 Bitcoin were withdrawn from exchanges over the weekend. Currently, 2.24M Bitcoin sitting are on exchanges, the lowest level in the past five years. Gate.io has 7,000 BTC left on the exchange.
Balance on exchange: (Source: Glassnode)
Net transfer volume by size: (Source: Glassnode)
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