This chart presents the relative dominance of exchange-related deposits and withdrawals with respect to all confirmed transactions.

This chart presents the following traces:

  • 🟠 Total Transaction Count
  • 🟢 Total Deposit Transactions
  • 🔴 Total Withdrawal Transactions
  • ⚫ Exchange Transaction Dominance (%)

Quick Take

  • Over a 14 DMA, Bitcoin deposits head lower as 2023 progresses, in line with the 2019 bear market.
  • However, since the FTX collapse, Bitcoin withdrawals have been greater than deposits for the first time in Bitcoin history. 
  • This trend has continued into 2023, but the gap is getting closer between deposits and withdrawals.
  • The transaction count is up considerably, mainly due to the traction of Ordinals.
Exchange Transaction Dominance: (Source: Glassnode)
Exchange Transaction Dominance: (Source: Glassnode)

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