So far this year, a total of 26 billion US dollars in BTC and ETH have flowed out on CEX

CryptoQuant data shows that CEX has experienced a large outflow of Bitcoin this year. Between January 1 and August 24, 2024, 330,560 BTC (worth $20.8 billion) were withdrawn from these trading platforms. Seven months ago, CEX held a total of 3,009,239 BTC but it has now dropped to 2,678,679 BTC. If this pattern continues the increasing scarcity of BTC could affect future market stability. Currently the amount of Bitcoin reserves on exchanges is at its lowest level since November 2018. In addition ETH reserves on CEX have also significantly decreased with two million ETH (worth $5.2 billion) being withdrawn from these platforms since the beginning of this year. On the other hand there has been a large influx of USDT into CEX Data shows that since January 1st USDT on these platforms has grown from $12.6 billion to $21.7 billion.