In a recent development, Bitstamp has refuted claims made by Glassnode and the Arkham Intelligence platform regarding the volume of Bitcoin outflows from its exchange. Contrary to reports indicating a substantial 38% depletion, the company clarified that the actual outflows accounted for a mere 1% of its holdings. In a recent X post, Bitstamp shared this assertion to correct misunderstandings about the volume of Bitcoin outflows from its exchange.
.@glassnode is inaccurately reporting a drop in our BTC balance. The wallets they have reported on are only a selection of our wallets used for day-to-day operational transactions. In fact, our net outflow was 1%, rather than the highly inaccurate 38% mentioned. Additionally, we…
— Bitstamp (@Bitstamp) November 23, 2023
On November 22, the cryptocurrency market witnessed a significant Bitcoin outflow, marking its second-largest event across all digital asset exchanges. This outflow amounted to over $600 million in total. As reported by Glassnode and Arkham, most of these outflows originated from two primary platforms, Binance and Bitstamp. This development highlights the significance of these platforms in the cryptocurrency market and their role in facilitating the circulation of digital assets.
Per the latest agreement between the Department of Justice (DOJ) and Binance, the exchange witnessed an exodus of approximately 8,000 Bitcoins, accounting for around $288 million. Simultaneously, Bitstamp saw a substantial decrease in its Bitcoin reserves, with an outflow of about 16,500 Bitcoins. This significant movement, equivalent to roughly $600 million, was validated through the Arkham Intelligence Platform. The transaction occurred in five separate increments of 3,300 Bitcoin each.
As a result of the recent outflows, Bitstamp’s Bitcoin reserves have significantly decreased, with an approximate total of 24,000 BTC currently held. The disparity between external analytics providers’ reported outflows and Bitstamp’s clarification has sparked discussions within the cryptocurrency community, prompting queries about the accuracy and interpretation of exchange data.
The recent developments in the crypto space are closely monitored by investors, with Bitcoin’s movement across exchanges being of particular interest. Given the heightened scrutiny and interest in the transaction dynamics of cryptocurrencies, the market continues to respond to these developments. However, Bitstamp’s response challenges the narrative put forth by data analytics firms, highlighting the importance of accurate and reliable reporting in the crypto space to ensure everything is clear among market participants.
