Quick Take
- Bitcoin exchange balance falls below 12%; this was first achieved at the beginning of 2023.
- We now see substantial coins leaving exchanges; the equivalent 12% is 2.3 million Bitcoin.
- Binance holds roughly 3.5% (686,000), while Coinbase holds 2.3% (461,000).
- The black lines represent halvings, with the next halving approaching April 2024; this current halving is the first time we see a drop in exchange balance.
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