Roughly $1.5 billion worth of Bitcoin (BTC) was withdrawn from the exchange between Nov. 24 to Nov. 25.
The exchange’s reserves have been losing around 50,000 BTC daily since Nov. 24, equating the total withdrawn amount to around $3.5 billion.
According to data from Glassnode, all major exchanges experience massive BTC withdrawals.
Almost all exchanges have seen withdrawals — amounting to roughly $15 billion in total — over the past five days
The last time such movements were recorded was during April and May, after the Terra collapse.
Amongst all significant exchanges, is one of the few exceptions as it saw its its BTC reserves grow over the period — indicating that BINANCE users are exiting their BTC positions.
According to numbers, Binance added a total of 78,000 BTC to its reserves, equating to around $1.2 billion at the time of writing.
The current state of Bitcoin Miners is extremely stressful as coin prices declined, and credit has contracted, while mining input energy costs have also been on the rise.
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