• Over 500,000 BTC has left Coinbase, Kraken, and Gemini in the past 13 months – more than any other exchange.
• At the end of 2021, Coinbase held over 690,000 BTC, Kraken held roughly 195,000 BTC, and Gemini held approximately 315,000 BTC.
• At the beginning of 2023, the exchanges now hold roughly 485,000 BTC on Coinbase, 83,000 BTC on Kraken, and 133,000 BTC on Gemini.

The decentralized finance (DeFi) and cryptocurrency industry has seen a significant amount of growth over the past year, resulting in an increased demand for cryptocurrency exchanges. With more and more people looking to buy, sell, and trade cryptocurrencies, the number of exchanges has skyrocketed.

However, one noticeable trend amongst the major exchanges has been the amount of Bitcoin (BTC) that has been leaving them over the past 13 months. According to data from on-chain analytics firm Glassnode, Coinbase, Kraken, and Gemini have seen more than 500,000 BTC leave their platforms in the last year.

Coinbase is the largest of the three exchanges and holds the most amount of Bitcoin. At the end of 2021, the exchange held over 690,000 BTC. This number has since dropped to roughly 485,000 BTC as of the beginning of 2023.

Kraken, the second-largest exchange by Bitcoin holdings, has seen its balance drop from 195,000 BTC at the end of 2021 to 83,000 BTC at the start of 2023. Lastly, Gemini, the third-largest exchange by Bitcoin holdings, has seen a significant drop in its balance as well. At the end of 2021, the exchange held approximately 315,000 BTC. As of the beginning of 2023, the exchange now holds roughly 133,000 BTC.

This trend of outflows from centralized exchanges could be attributed to a number of different factors. One of the most likely reasons for the outflows is the increasing popularity of DeFi protocols, which allow users to store and trade cryptocurrencies without relying on a third-party custodian. Additionally, the increasing number of institutional investors entering the space could also be a factor in the outflows.

It is unclear why exactly the outflows from Coinbase, Kraken, and Gemini are so much higher than other exchanges, but the trend does seem to be continuing. As more and more investors move away from centralized exchanges in favor of more trustless solutions, it is likely that the outflows from these exchanges will continue.

• Bitcoin broke the $21,000 barrier, continuing its positive price performance and reaching a peak of $21,360.
• Ethereum mirrored Bitcoin’s price performance and grew 1.38% over the last 24 hours, trading at $1,566.
• The cryptocurrency market cap saw net inflows of $13.12 billion in the last 24 hours and currently stands at $979 billion.

The cryptocurrency market has seen a sustained bull market performance over the last 24 hours, with Bitcoin breaking the $21,000 barrier and Ethereum posting gains of 1.38%. The total market cap saw net inflows of $13.12 billion, bringing it to a total of $979 billion.

Bitcoin, the world’s largest digital asset by market cap, was the biggest winner in the last 24 hours. BTC gained 1.65% and peaked at $21,360. This marks the first time since its all-time high in December 2017 that Bitcoin has broken the $21,000 barrier. The digital asset has seen a consistent increase in price over the last few weeks, with the price rising from a low of $16,000 to its current high.

Ethereum, the second-largest digital asset by market cap, mirrored Bitcoin’s price performance and grew 1.38% over the last 24 hours, trading at $1,566. ETH’s market dominance remained flat at 19.3%. The altcoin has seen consistent growth since the beginning of 2021, with its current price being almost double what it was at the beginning of the year.

The top 10 cryptocurrencies all recorded gains over the reporting period. Polkadot (DOT) and Litecoin (LTC) rose the highest, posting gains of 3.07% and 2.22% respectively. The market caps of Tether (USDT) and USD Coin (USDC) rose to $66.49 billion and $43.9 billion in the last 24 hours, respectively. The market cap of BinanceUSD (BUSD) slightly decreased to $16.17 billion.

Overall, the cryptocurrency market has seen a sustained bull run over the last 24 hours, with Bitcoin breaking the $21,000 barrier and Ethereum posting gains of 1.38%. The total market cap saw net inflows of $13.12 billion, bringing it to a total of $979 billion. All top 10 cryptocurrencies recorded gains over the reporting period, demonstrating a strong bullish sentiment in the market. Moving forward, it will be interesting to see whether Bitcoin and Ethereum can continue their positive price performance in the coming weeks.

• Mark Cuban is set to be deposed in February over his promotions of defunct crypto lender Voyager Digital.
• Two Dallas Mavericks employees, Ryan Mackey and Kyle Tapply, and three Florida-based plaintiffs will also be deposed by February 23rd.
• U.S. Magistrate Judge Lisette M. Reid denied Cuban’s request to split his deposition into two parts.

Billionaire Mark Cuban is set to appear in a Dallas court next month in connection to a class-action lawsuit filed by investors of the now defunct crypto lender Voyager Digital. The Dallas Mavericks owner will be deposed on February 2 as part of the case, with the court denying his request to split the deposition into two parts.

In addition to Cuban, two Dallas Mavericks employees will also be deposed by February 23rd. Ryan Mackey and Kyle Tapply are both set to answer questions under oath as part of the trial. The discovery evidence related to them must be handed over to the plaintiffs by the end of January.

Furthermore, three Florida-based plaintiffs will also be deposed by the end of the month. Pierce Robertson will be deposed this week, while Rachel Gold and Sanford Gold will be deposed on either January 23rd or 24th. A non-party, Eric Rares, will also be deposed by the same date. All documents requested by the plaintiffs must be produced by that time as well.

Cuban’s legal team have spoken out against the deposition, with Cuban’s attorney issuing a statement saying that it “has gone beyond the scope of any alleged conduct that could be attributed to Mr. Cuban.” Nevertheless, the court has decided that the deposition will go forward as planned.

The case has gained considerable attention in recent weeks, as the potential for further legal action looms. It remains to be seen how the depositions will impact the outcome of the case and what the implications will be for Cuban and the other parties involved.

• BlockFi said it will file a financial breakdown on Wednesday, Jan. 11, including Schedules of Assets and Liabilities and a Statement of Financial Affairs.
• BlockFi executives have not withdrawn any crypto holdings since the company’s bankruptcy filing in November.
• BlockFi repaid an investor $15 million to preempt a threatened lawsuit last year.

BlockFi, the lending company, recently announced that it will provide a breakdown of its finances as their bankruptcy hearing proceeds. This comes after the company held a hearing on Jan. 9 to determine their financial status. They have promised to file their Schedules of Assets and Liabilities, as well as their Statement of Financial Affairs, on Wednesday, Jan. 11.

In order to provide accurate information, BlockFi has noted that none of the company’s executives have withdrawn any of their crypto holdings since the company filed for bankruptcy in November. This is a stark contrast to the behavior of the executives at Celsius, many of whom withdrew assets prior to the halt of their services.

In addition, BlockFi repaid an investor $15 million to preempt a threatened lawsuit last year. Joshua Sussberg, the lawyer for the firm, stated that the investor had complaints regarding the delay of payments.

Overall, BlockFi’s recent statement and actions are a positive sign that the company is trying to be as transparent as possible in its bankruptcy proceedings. By providing a detailed financial breakdown, the company is giving creditors, investors, and other stakeholders the information they need to make informed decisions. It is yet to be seen how this will affect the bankruptcy case, but it certainly shows that BlockFi is taking the matter seriously and working hard to ensure that its creditors are treated fairly.