Bitcoin exchanges see 180,000 BTC supply shrink amid Mt. Gox BTC sales

Bitcoins from the 2014 Mt. Gox hack are on the move again, with 65 BTC sent to exchange HitBTC on November 22. Market news

Bitcoin (BTC) exchanges may have just experienced the largest exodus of user funds on record, according to data.

Data from on-chain analytics firm Glassnode shows that on November 23, major exchanges fell nearly 179,000 BTC in monthly withdrawals.

Major Exchanges See Record BTC Withdrawals

With the FTX contagion still in the air, exchange users have been busy withdrawing funds to noncustodial wallets.

As Cointelegraph reported, $3 billion worth of cryptocurrency left major platforms immediately after the FTX implosion.

This trend continues, Glassnode shows, with its data capturing the largest ever decline in exchange BTC reserves for the 30 days to November 23.

Glassnode's Exchange Net Position Change metric puts the 30-day change in the supply of BTC held in exchange wallets at -178,683 BTC. The metric covers 20 exchanges, including FTX.

Net Position Change Chart of BTC exchange. Source: Glassnode

Day-to-day exchange user habits remain volatile. After seeing nearly 140,000 BTC in daily outflows on November 9 alone, exchanges processed fewer withdrawals, with a local low of less than 19,000 BTC recorded for November 19.

Since then, however, the trend has reversed and releases on November 23 totaled over 86,000 BTC, according to Glassnode.

Total BTC Transfer Volume from Chart Exchanges. Source: Glassnode

HitBTC Gets Mt. Gox Hack Deposit

Elsewhere, another CryptoQuant on-chain analytics platform