$3B Bitcoin Withdrawn From Crypto Exchanges In A Week As Investors Flock To Safe Custody After FTX Collapse

Over $3 billion in Bitcoin BTC/USD has been withdrawn in the past seven days from cryptocurrency exchanges as FTX FTT/USD collapsed, sending ripples through the industry.

What Happened: According to data from Coinglass, 190,000 BTC have been withdrawn in the week through Nov. 13, estimated to be around $3 billion at today's price.

Investors withdrew BTC at a much higher rate in the past seven days, not seen since April 2021, when the cryptocurrency market plunged more than 50%. On-chain figures show a large number of holders have opted for non-custodial wallets over the past week.

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Another data from Glassnode shows the total number of wallets receiving BTC from exchange addresses has jumped to almost 70,000, amid heightened concerns over security of funds and increased calls for proof of reserves to win back user confidence.

Glassnode senior analyst Checkmate said, “Exchange balances are best estimated based on wallet clustering. They are more likely to be a lower bound than an overestimate.”

Price Action: BTC was trading at $16,073, down 4.81% in the last 24 hours, according to Benzinga Pro.

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