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Quick Take

• On Feb. 4, a single entity withdrew over $120M in Bitcoin from Gate.io, the second largest withdrawal in the exchange’s history.
• Roughly 10,000 Bitcoin were withdrawn from exchanges over the weekend.
• Currently, 2.24M Bitcoin sitting are on exchanges, the lowest level in the past five years.
• Gate.io has 7,000 BTC left on the exchange.

Balance on exchange: (Source: Glassnode)

Net transfer volume by size: (Source: Glassnode)

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