Bitcoin (BTC<\/a>) exchanges may have just seen the largest exodus of user funds ever, data suggests.<\/p>\n Data from on-chain analytics firm Glassnode<\/a> shows that on Nov. 23, major exchanges were down almost 179,000 BTC in monthly withdrawals.<\/p>\n With FTX contagion still in the air, exchange users have been busy withdrawing funds to noncustodial wallets.<\/p>\n As Cointelegraph reported<\/a>, $3 billion worth of cryptocurrency left major platforms in the immediate aftermath of FTX imploding.<\/p>\n That trend is ongoing, Glassnode shows, with its data capturing the largest-ever decrease in exchange BTC reserves for the 30 days to Nov. 23.<\/p>\n Glassnode\u2019s Exchange Net Position Change metric puts the 30-day change of the BTC supply held in exchange wallets at -178,683 BTC. The metric covers 20 exchanges, including FTX.<\/p>\n On a day-to-day basis, exchange user habits remain volatile. After seeing nearly 140,000 BTC in daily outflows on Nov. 9 alone, exchanges processed less in withdrawals, with a local low of under 19,000 BTC recorded for Nov. 19.<\/p>\n Since then, however, the trend has reversed, and Nov. 23 outflows totaled more than 86,000 BTC, according to Glassnode.<\/p>\n Elsewhere, fellow on-chain analytics platform CryptoQuant<\/a> raised the alarm about a major tranche of BTC from the 2014 hack of exchange Mt. Gox.<\/p>\n Related:\u00a0Crypto has survived worse than the fall of FTX: Chainalysis<\/a><\/em><\/strong><\/p>\n According to CEO, Ki Young Ju, the stolen BTC is on the move, with 65 BTC sent to exchange HitBTC.<\/p>\n \u201c7-year-old 10,000 $BTC moved today. No surprise, it’s from criminals, like most of the old Bitcoins. It’s the BTC-e exchange wallet related to the 2014 Mt. Gox hack. They sent 65 BTC to hitbtc a few hours ago, so it’s not a gov auction or something,\u201d he tweeted<\/a>.<\/p>\n Ki called on HitBTC to freeze funds from the incoming wallet.<\/p>\n Separate research from Chainalysis meanwhile noted mass processing<\/a> of Mt. Gox coins associated with exchange BTC-e, which itself shut down in 2017.<\/p>\n Several exchanges, along with private wallets and others, have received BTC-e bitcoins in recent weeks, it explained in a blog post<\/a> on Nov. 23.<\/p>\n As Cointelegraph reported<\/a>, movement of old coins in September also sparked panic, as the Mt. Gox rehabilitation process drew to an end<\/a>.<\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\nMajor exchanges see record BTC withdrawals<\/h2>\n
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HitBTC gets Mt. Gox hack deposit<\/h2>\n
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