On March 8, Glassnode data showed that since last July, most exchanges except Binance, FTX, Bittrex and Bitfinex have seen more Bitcoin outflows than inflows. A combined net outflow of 46,000 bitcoins (worth around $1.8 billion at current prices) across all cryptocurrency exchanges.
Additionally, FTX’s BTC holdings experienced the most dramatic changes. The amount of BTC held by FTX has more than tripled and now stands at 103,200 BTC.
Glassnode attributed the current relatively low inflows to “the scale of the current market uncertainty,” and indicated that the cryptocurrency exchange market in general has turned to derivatives trading, rather than spot selling to hedge risk.