10x Research: $6.75 billion in BTC and $1.9 billion in ETH were withdrawn from exchanges last month

According to Mars Finance, 10x Research said in its latest report that Bitcoin is currently close to the top of its range and faces the challenge of breaking through its all-time high. This can be attributed to the Bitcoin halving event on April 20. After the halving, the minting of stablecoins has slowed down significantly, and the number of wallets holding more than $10 million in stablecoins has decreased. This trend is hindering Bitcoin from setting new highs.

A large amount of Bitcoin (worth $6.75 billion) has been withdrawn from exchanges over the past month (down 97,000 BTC). This record outflow was driven primarily by two U.S.-focused exchanges: Kraken (down 55,000 BTC, or about $3.8 billion) and Coinbase (down 24,000 BTC, or about $1.7 billion).

Last week, $771 million was withdrawn from exchanges, a significant number compared to the 13,500 BTC issued last month. The only exchange with a significant inflow was Bitfinex (72,000 BTC). In comparison, Bitcoin spot ETFs bought about $3.9 billion worth of Bitcoin (56,000 BTC) last month.

Additionally, a large amount of Ethereum worth $1.9 billion was withdrawn from exchanges last month. Inflows came from Binance and Coinbase, while outflows came from Bitfinex and Kraken. In the past week, only $56 million worth of Ethereum was withdrawn from exchanges, indicating that the outflow rate has slowed significantly and the demand for Ethereum has been decreasing in various forms.