Quick Take
- The following chart presents the relative dominance of exchange-related deposits and withdrawals with respect to all confirmed transactions, according to Glassnode data as of June 16. The chart presents the following traces:
 Total Transaction Count
 Total Deposit Transactions
 Total Withdrawal Transactions
 Exchange Transaction Dominance (%)
- In the past six months, exchange withdrawals have surpassed exchange deposits for the second time.
- The first time this happened was during the FTX collapse in 2022, as investors started to take custody of their coins and remove them from exchanges.
- This trend continued into 2023Â but then started to drop off.
- However, we are now seeing withdrawals start to outpace deposits again, which first started on June 5, the day of the first SEC lawsuit.
- This trend has continued, and divergence has only grown.
- The current exchange withdrawals are 58,000 Bitcoin, while exchange deposits are 49,000 Bitcoin.
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