Source: Glassnode. The same Glassnode data shows a daily average of over 3,000 withdrawing addresses over the seven days to Nov. 13. Source: Glassnode. This same Glassnode data provides an hourly average withdrawal address of more than 3,000 over the seven-day period ending Nov. 13.Bitcoin Exchange Receiving Addresses Chart. Source: Glassnode/ TwitterAnalysis. These numbers tie in with the rapidly-declining BTC reserve across major trading platforms.Related: Bitcoin will shrug off FTX ‘black swan’ just like Mt. Gox — analysisAlthough the rate of the drop suggests that it is difficult to verify the true balance, CryptoQuant data indicates that overall exchange reserves have dropped to their lowest level since February 2018. CryptoQuant tracks 38 exchanges including those with financial problems such FTX and Kucoin. Source: CryptoQuantAnother chart, this time from Coinglass, suggested 177,000 BTC in weekly withdrawals through Nov. 13 — a U.S. dollar value of around $3 billion at today’s price.BTC balance on exchanges chart. Source: CoinglassGlassnode senior analyst Checkmate nonetheless flagged three exchanges in particular with what he called “particularly weird” Bitcoin balance readouts — Huobi, Gate.io and Crypto.com.Concluding a dedicated thread into the topic, he noted that “Exchange balances are best estimate based on wallet clustering. They are more likely to be a lower bound than an overestimate.”“These fund flows between exchanges include both real customers + FTX/Alameda. Hard to separate, thus looking as relative-to-balance,” he added.Forecasting how the current scenario may play out, Michaël van de Poppe, founder and CEO of trading firm Eight, meanwhile said that the worst was likely not yet over.“Probably we’ll have more issues with exchanges coming weeks, but probably also a ton of gossip,” he told Twitter followers at the weekend. “Stay safe, be calm and don’t make emotional decisions. We’re in terrible territories, but crypto will come out of this stronger.”BTC/USD was trading at around $16,500 at the time of writing, data from Cointelegraph Markets Pro and TradingView showed.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView. The views and opinions expressed here do not necessarily reflect those of Cointelegraph.com. You should do your own research before making any investment or trading decision.



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