Bitcoin's balance on three popular exchanges decreased by 390k BTC over the past 9 months.
On October 20, 2020, the amount of Bitcoin (BTC) held at major exchanges fell below 2.5 million BTC for the first time in two years.
Source: Glassnode.Nexo co-founder Antoni Trenchev opined to Cointelegraph that this trend is driven by the world finally realizing that only Bitcoin offers sound monetary policy:
“[People are] slowly are realizing what some of us have known for a while — BTC is the only sound monetary policy right now and you cannot afford to depart from the best performing asset of the decade.”
He also noted that the community is resorting more to self-custody solutions, including platforms like Nexo, where they can “tax-efficiently borrow against their assets rather than selling them." Cointelegraph noted yesterday that the Bitcoin supply is currently diffused more than ever.
Alex Mashinsky, co-founder of the Celsius crypto lending platform, told Cointelegraph that the exodus will likely continue unless exchanges begin offering better terms to their customers:
"As long as exchanges refuse to give their clients more they will leave them and come to Celsius.