Glassnode, a major on-chain data analytics firm has just shared a report that involves the movement of Bitcoin, which is quite surprising.
Migration Recorded for Bitcoin (BTC)
Bitcoin seems to have hit a new record in terms of movements that have caused the biggest net decline on exchanges. The aggregate BTC balances have experienced a major reduction on the exchanges.
The data tracked by Glassnode shows that in a matter of a week, a reduction of 72,900 BTCs has been recorded.
It is a similar movement that was witnessed back in April 2020. The next occurrence was in November 2020, and the next appearance was in June 2022.
The report shows that so far, 2.25 million Bitcoin have outflowed from the exchanges.
Migration Recorded for Ether (ETH)
Then comes Ether which has not witnessed an outflow as high as Bitcoin but it is still a lot in comparison with the altcoins.
Many analysts and market observers were under the impression that the ETH outflows would be at all-time highs but it was not the case.
Glassnode has shared the migration report for ETH as well, which shows that 1.1 million ETH have outflowed from the exchanges. The high volume of ETH leaving the exchange was recorded last week.
For ETH, it is the highest 30-day decline that the exchanges have recorded in their balance since September 2020.
Stablecoin Balances Grow on Exchanges
While the balances for BTC and ETH have declined on the exchanges, the balances for the stablecoins have surged significantly. The number of stablecoins has surged on the exchanges.
The report shows that on November 10, large volumes of Dai (DAI), Binance USD (BUSD), USD Coin (USDC), and Tether (USDT) move into the exchanges.
The total value of the mentioned stablecoins that moved into the exchanges was worth $1.04 billion. It is now confirmed that November 10 has become the 7th largest influx of stablecoins into the exchanges.
Glassnode has shown that as per the records, the all-time high influx recorded for stablecoins was worth $41.186 billion.
Bitcoin Miners are Selling Bitcoin
The constant crypto market and macroeconomic pressures have continued pressurizing Bitcoin miners. Therefore, they have continued selling Bitcoin to deal with their expenditures.
Due to the constant mining pressure, hash prices have started to decline tremendously. The report shows that as of now, the hash prices are hovering at all-time low levels.
As per estimations, the Bitcoin miners are currently selling 9.5% of their overall treasuries at regular intervals. The percentage of the Bitcoin being sold by the miners translates to 7.7 million Bitcoin.
While Bitcoin is being sold and is outflowing on a large scale from the exchanges, the DEX and CEX tokens record very high inflows.
The report shows that compared to Bitcoin, the DEX baskets have surged 24% while CEX baskets have witnessed a 2% decline.