It is evident that a lot more people are less eager to keep their crypto assets on exchanges and trading platforms these days. In the case of BitMEX, there has been a major exodus of Bitcoin funds since mid-March of 2020.
It is good to see fewer people keep their money in exchange wallets.
The BitMEX Bitcoin Exodus is Real
While that is a convenient approach, it is also an unnecessary risk that no one should be willing to take.
For BitMEX users, it would appear that its physical Bitcoin balances are declining rather rapidly.
Something happened in the middle of March 2020 to warrant this sharp decrease.
At its peak, the Bitcoin balance on the exchange was nearly 315,000 BTC.
Today, that same balance is just 231,118 BTC, or a near 27% decrease in a month.
Moreover, it would appear that the decline in funds coincides with the recent Bitcoin price dump.
Ever since that decrease took place, the Bitcoin price regained roughly $2,400 in relatively quick succession.
With people buying the dip, they are now moving money off BitMEX in quick succession.
A prominent development, albeit it doesn’t seem to affect people’s trust in the exchange itself.
This development isn’t unique to BitMEX either, as other major exchanges note a very similar trend lately.
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