Bitcoin balances on most exchanges were down last week, but not this one

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You may have heard that Bitcoin balances on the biggest exchanges were down last week. But that’s only part of the story.

Chain Analysis The CryptoQuant Twitter account discovered earlier this week that Bitcoin’s net exit transactions exceeded 60,000 for the first time in a year and that deposits in exchange wallets fell below 20,000.

Coinbase Pro, Binance, OKEx, Bitfinex, and Huobi all saw their BTC balances drop by 7 days. But Kraken’s BTC balance is up 5,859.67 in the past seven days – the only net increase in the group.

Factors that work in Kraken’s favor: A recently launched mobile app, expedited verification for able-bodied U.S. customers, and the fact that the focus on the U.S. appears to have limited its exposure to the shockwaves of the crypto crackdown – currency in China.

The company has also focused on filtering new tokens before they are added to its exchange. Maximilian Marenbach told BeInCrypto last week that Kraken maintains its intentionally strict filtering to identify projects that support its mission to accelerate cryptocurrency adoption.

“We make sure every token goes through compliance, legal and security checks. The security of the exchange and the security of our customers are our top priorities and determine everything we do.”

You may have heard that Bitcoin balances on the biggest exchanges were down last week. But that’s only part of the story.

Chain Analysis The CryptoQuant Twitter account discovered earlier this week that Bitcoin’s net exit transactions exceeded 60,000 for the first time in a year and that deposits in exchange wallets fell below 20,000. you for the full article

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