Bitcoin exchange deposits decline, mimicking 2019’s bearish trend

Definition

This chart presents the relative dominance of exchange-related deposits and withdrawals with respect to all confirmed transactions.

This chart presents the following traces:

•  Total Transaction Count
•  Total Deposit Transactions
•  Total Withdrawal Transactions
•  Exchange Transaction Dominance (%)

Quick Take

• Over a 14 DMA, Bitcoin deposits head lower as 2023 progresses, in line with the 2019 bear market.
• However, since the FTX collapse, Bitcoin withdrawals have been greater than deposits for the first time in Bitcoin history. 
• This trend has continued into 2023, but the gap is getting closer between deposits and withdrawals.
• The transaction count is up considerably, mainly due to the traction of Ordinals.

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