- Earlier this week, bitcoin went through its third halving in history and is still performing well following the historic event.
- Since that day, nearly 24,000 bitcoins have been withdrawn from exchanges.
Earlier this week on the 11th of May, bitcoin went through its third halving in history and whereas it didn’t live up to many investors’ hype and expectations, it is still performing well following the historic event. Since that day, nearly 24,000 bitcoins have been withdrawn from exchanges.
The trend of BTC flooding out of these platforms started in the middle of last month and has only continued since with some spikes in the run-up to the halving event as well as after.
In the hours before and after #Bitcoin's halving, exchange net flow decreased significantly.— glassnode (@glassnode) May 13, 2020
So far, the event has had no impact on 2020's trend of investors withdrawing $BTC from exchanges.https://t.co/KqezAI9HsM pic.twitter.com/ClCdYJ90wG
Now looking at the trend, we can see two potential new developments. That is that the current users are taking more responsibility for their own funds rather than put it in the hands of different platforms, or that a significant amount of new users to the crypto space are looking at bitcoin as a store of value rather than looking at it as an asset to trade.
The community has for a long time now questioned whether they should trust platforms with their assets as many members of the community hold large balances in crypto.
If you take a look at the daily active bitcoin addresses, the number has a past 1 million for the third time in bitcoins history. Before this, we only saw these kinds of numbers during all the bullish activity in 2017.