According to recent reports, nearly $3 billion in bitcoin was withdrawn from exchanges last week, with a huge spike on November 9, and more users appear to be moving their bitcoin to non-custodied wallets. As of November 12, withdrawing addresses aggregated more than 70,000 according to the report, which further suggested that the numbers tie in with what seems to be “rapidly-declining BTC reserves across multiple platforms.” While a true accounting may be difficult to ascertain, an on-chain analytics company indicated that data suggests exchange reserves are at their lowest since February 2018. One report noted that a major U.S. cryptocurrency exchange recently experienced $485 million in net withdrawals within a 24-hour period.
Tether, the issuer behind the widely used stablecoin USDT, has reportedly frozen $47 million in USDT on the Tron blockchain in response to a request from a law enforcement authority. A spokesperson reportedly acknowledged that the company has started receiving requests by law enforcement authorities to freeze assets temporarily while an investigation ensues.
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