Breaking Down the BTC Exodus
Recent on-chain data from market analytics provider Glassnode has shown that Bitcoin (BTC) is making headlines once again. In a move that’s more jaw-dropping than your dog stealing your lunch, BTC experienced a staggering net decline of 72,900 coins on exchanges within just one week. Yes, you read that right—a record number of coins decided that the grass is greener outside of exchanges. But don’t fret; currently, about 2.25 million BTC still have their feet planted on exchanges.
Past Trends: In the Company of Legends
This isn’t the first time Bitcoin decided to pack its bags for a spontaneous getaway. Similar patterns were observed back in April 2020, November 2020, and June 2022. It’s as if BTC is playing a game of “Where’s Waldo” with investors, but this time, Waldo has a lot more value and doesn’t mind being elusive.
Ethereal Withdrawals: ETH’s Story
Meanwhile, Ethereum (ETH) is no slouch either. Though it didn’t hit a personal record for exchanges outflow, ETH saw 1.1 million coins make their way off exchanges last week. According to Glassnode, this is the biggest 30-day decline since the decentralized finance (DeFi) summer of September 2020. You can almost hear ETH whisper, “Hold my beer!” as it joins in on the trend.
The Stablecoin Paradox
In a twist no one saw coming, stablecoins are putting their feet on the gas. Unlike Bitcoin and Ethereum, stablecoins have decided to cozy up to exchanges, with over $1.04 billion moving to exchanges on November 10 alone. This grand influx has secured its position as the seventh-largest stablecoin inflow to exchanges, making that day a milestone in the stablecoin saga. If only my shoddy investments could follow this trend!
The Miner’s Dilemma
To complicate matters, Bitcoin miners aren’t having the best of times. As hash prices drop to all-time lows, miners have been forced to part with nearly 9.5% of their treasury, totaling about 7.76 million BTC. As we watch these miners wade through financial muck, it’s like watching your favorite sports team struggle to make it to the playoffs—painful yet captivating.
Altcoin Performance: DEX vs CEX
In the grand arena of cryptocurrency, the great divide is becoming evident. A recent analysis by Delphi Digital shows that decentralized exchanges (DEX) are outperforming centralized exchanges (CEX) like a toddler running laps around couch potatoes. The DEX basket has soared by 24% compared to a 2% dip in the CEX basket. With crypto sentiment plummeting and the FTX fiasco still looming, it’s becoming clearer that self-custody and DEX usage are the hype of the moment, potentially changing the landscape of digital asset management.
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