The supply of Bitcoin on exchanges declined by 180K BTC following the sale Mt. Gox BTC sales

Key points: 

• Glassnode’s Exchange Net Position Change metric shows a 30-day change in BTC supply in exchange wallets of -178,683 BTC.
• The metric covers 20 exchanges, including FTX.
• 65 of the stolen BTC from Mt. Gox have been transferred to HitBTC.
• Chainalysis investigation found that the movement of Mt. Gox tokens was linked to the BTC-e exchange, which itself shut down in 2017.

Data suggests that Bitcoin exchanges may have just experienced the largest outflow of user funds ever.

Data from on-chain analytics firm Glassnode shows that monthly withdrawals from major exchanges fell by nearly 179,000 BTC as of Nov. 23.

BTC Withdrawals Hit All-Time Highs on Major Exchanges

Exchange users have been busy withdrawing funds to non-custodial wallets as the FTX contagion is still spreading.

As reported, $3 billion worth of cryptocurrencies exited major platforms immediately following the FTX crash.

The trend continues, as Glassnode shows, with data showing the largest drop in BTC reserves in the 30 days to Nov. 23.

Glassnode’s Exchange Net Position Change metric shows a 30-day change in BTC supply in exchange wallets of -178,683 BTC. The metric covers 20 exchanges, including FTX.

In daily life, the habits of exchange users are still unstable. After recording daily outflows of nearly 140,000 BTC on November 9 alone, exchanges processed withdrawals, with local lows below 19,000 BTC on November 19.

Since then, however, the trend has reversed, with outflows totaling more than 86,000 BTC on Nov. 23, according to Glassnode data.

HitBTC receives deposits from Mt. Gox hackers

Elsewhere, on-chain analytics platform CryptoQuant sounded the alarm about the massive BTC depletion of the 2014 Mt. Gox exchange hack.

According to CEO Ki Young Ju, the stolen BTC is on its way, with 65 BTC being sent to the HitBTC exchange.

"7-year-old $10,000 BTC moved today. No wonder it originated with criminals like most old Bitcoins. This is the BTC-e exchange wallet linked to the 2014 Mt. Gox hack. They sent HitBTC a few hours ago 65 bitcoins were sent, so it's not a government auction or anything," he tweeted.

Ki asked HitBTC to freeze the incoming funds in the wallet.

Meanwhile, another Chainalysis investigation found that the movement of Mt. Gox tokens was linked to the BTC-e exchange, which itself shut down in 2017.

It explained in a Nov. 23 blog post that some exchanges, as well as private wallets and others, have received BTC-e Bitcoin over the past few weeks.

As reported, the flow of old coins also caused panic in September as the restoration process of Mt. Gox came to an end.