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Crypto exchanges withdrew $240 million in Bitcoin after halving

By Kluma | InterestingCrypto | 14 May 2020

Users started taking cryptocurrency from trading platforms in April. The largest outflow of funds occurred with Bitfinex, the reserves of some platforms were not affected

Users have withdrawn more than 24 thousand BTC from crypto exchanges since may 11, when the first cryptocurrency was halved in the network. At the same time, the outflow of funds from large sites began in mid-April. For example, the reserves of the Bitfinex exchange have since decreased from 205 thousand BTC to the current value of 134 thousand BTC, reports

Other sites showed similar dynamics. Since March, the bitcoin reserves of the BitMEX derivatives platform have decreased from 228 thousand to 214 thousand. Since April, the reserves of the Huobi exchange have fallen by about 20 thousand BTC. The amount of savings stored on the Coinbase platform, which is the largest by this parameter, has not changed much. The increase in funds occurred on the Bitstamp exchange, its assets increased from 66 thousand BTC to 71 thousand BTC over the past month.

The analytical company Glassnode reported in April that users began withdrawing cryptocurrency from exchanges. At that time, site reserves decreased by 10% compared to the maximum set at the beginning of the year. Experts explained this by the fact that investors are moving to a longer-term strategy.

Another reason for the outflow of funds from exchanges could be the distrust of users. Over the past six months, there have been several leaks of data from clients of trading platforms, as well as their hacks with the subsequent theft of cryptocurrency.

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