10x Research: $6.75 billion in BTC and $1.9 billion in ETH were withdrawn from exchanges last month

10x Research said in its latest report that Bitcoin is currently near the top of its range and faces challenges in breaking through all-time highs. This can be attributed to the Bitcoin halving event on April 20. After the halving, stablecoin minting has slowed significantly, and the number of wallets holding more than $10 million in stablecoins has decreased, a trend that is hindering Bitcoin from setting new highs. A large amount of Bitcoin (worth $6.75 billion) has been withdrawn from trading platforms in the past month (97,000 BTC less). This record outflow was mainly driven by two US-focused trading platforms: Kraken (55,000 BTC less, about $3.8 billion) and Coinbase (24,000 BTC less, about $1.7 billion). Last week, $771 million was withdrawn from exchanges, a significant number compared to the 13,500 Bitcoins issued last month. The only exchange with a large inflow of funds was Bitfinex (72,000 BTC). In comparison, Bitcoin spot ETFs bought about $3.9 billion worth of Bitcoin (56,000 BTC) last month. In addition, a large amount of Ethereum, worth $1.9 billion, was withdrawn from exchanges last month. Inflows came from Binance and Coinbase, while outflows came from Bitfinex and Kraken. In the past week, only $56 million worth of Ethereum was withdrawn from exchanges, indicating that the outflow rate has slowed significantly and demand for Ethereum has been decreasing in various forms.