The world of bitcoin is in turmoil. The price of BTC dipped below the $20,000 mark. At the time of writing the lowest price today is $19,066.
It's not just traders who are reacting to the price action. We are also seeing an increase in withdrawals from exchanges.
Bitcoin is an open network with open accounting. Companies like Glassnode monitor the network. They show us what is going on in the form of graphs. We look at the number of addresses that received money from a crypto exchange.
In the past 7 days, 2,384,655 bitcoin addresses received money from an exchange. This is the highest average in a year. Glassnode looks at the known addresses of major exchanges and arrives at this statistic.
In dollar terms, the volumes on trading exchanges are slowly but surely decreasing. But there is also a group of people who are taking matters into their own hands and sending bitcoin to their own address.
Due to the recent price drops, less and less bitcoin is in the green. The number of UTXO's at profit reached the lowest number in 21 months. Only 97 million UTXOs are still in the green in dollar terms.
UTXO stands for Unspent Transaction Output. Or translated: an output that has not yet been spent. A UTXO is a bit of Bitcoin that you can prove you own because you have the private key. The total of UTXOs is the balance you see in a wallet.