Bitcoin (BTC) exchange users have completely forgotten about the Christmas FTX scandal, data shows.
Exchange outflows are now at their lowest in over six months, according to on-chain analytics firm Glassnode.
Still not your keys, still not your coins?
As Bitcoin’s volatility hits a new all-time low in so-called “doing nothing December,” exchange users’ habits are also quickly adjusting to the current climate.
After an overwhelming surge in the face of the FTX meltdown, BTC withdrawals from exchange wallets have completely reversed the spike that started about six weeks ago.
After peaking at 142,788 BTC on Nov. 14, outflows from trading platforms tracked by Glassnode have declined 10-fold.
On Dec. 25, the latest date for which figures are available, total exchange outflows were just 9,352 BTC — a 93.5% drop.
Bitcoin exchange flowchart. Source: Glassnode
Furthermore, the last time outflows were this low on a daily basis was seven months ago in May.
As Cointelegraph reported, immediately after FTX, FX reserves fell by over $3 billion in a single week.
Exchanges’ BTC balance as of Christmas Day stood at 2.252 million BTC, down nearly 21% from the January 2022 peak of 2.845 million BTC.
Swap BTC balance chart. Source: Glassnode
BTC supply increasingly stationary
The record-low volatility, meanwhile, is reflected in on-chain data, with hodlers hesitating or barely moving coins.
Related: BTC price levels to watch if Bitcoin lags below $17,000 into Christmas
Glassnode confirms that unspent transaction outputs (UTXOs) with a lifespan of between one week and one month have fallen to a 15-month low.
Bitcoin UTXO annotated chart. Source: Glassnode/Twitter
The popular metric HODL Waves, which groups UTXOs by age, shows an increase in coins that last moved 1-2 years ago throughout December.
Bitcoin HODL Waves chart (screenshot). Source: Unchained Capital
These now make up over 20% of the total BTC supply.
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