Exchange Outflow All-Time High And Celsius Collateral Update

June was the largest outflow month for bitcoin leaving exchanges. Celsius pays down Maker loan freeing up $460 million in collateral before sending it to an FTX address.

Largest Exchange Outflow Month All-Time

As fears of contagion and counterparty risk have gripped the bitcoin/crypto space, June quietly was the largest month of net withdrawals in recorded history for bitcoin, with a peak 30-day net change of 152,446 BTC leaving exchanges during the 30 days that proceeded June 26. The end-of-month total for June was smaller, but still extremely noteworthy at 123,652 BTC departing exchanges on a net basis over the month.

While these monthly outflows were a record in bitcoin terms, in dollar terms it was not, with April and September 2021 along with April of 2022 boasting larger amounts of net outflows in dollar terms. While it is insightful to denote figures in both dollar and bitcoin terms, we prefer to use bitcoin terms to keep measurement consistent across time periods.