200k BTC ($3.4B) flowed out of exchanges in November, the largest ever! People are finally understanding “not your keys not your coins“.

If there is one thing that is good out of all this FTX debacle it is the fear it caused for people to store their crypto on exchanges. I know that we on here are very quick to say “not your keys, not our coins“ but there were actually very few doing that and taking it seriously as we could see from the millions of people affected by FTX and by other exchanges that collapsed during this bear market.

But now it is finally been taken very seriously as we just had 200k BTC leaving exchanges (worth about $3.4B) in November alone. That is the highest amount ever.

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Graph from samjrule on twitter

As we can see on this graph the two highest amounts of Bitcoin leaving exchanges were both in this bear market. The LUNA implosion and now FTX. All of this is very unusual to happen during a bear market which are usually marked by high amounts of inflows to exchanges (as we can see on the graph in 2018) as people are paper-handing to sell.

This bear market has caused this pattern to break and thus possibly indicates a broader and more fundamental shift away from exchanges. Which will undoubtedly be good as people would only need exchanges for trading and fiat conversions and not storing your assets.