<a href="https://www.cryptoknowmics.com/news/bitcoin-halving-event-in-2020-could-be-revolutionary/" target="_blank" rel="noopener">Bitcoin halving</a> is one of the most important events for the whole crypto market as the future of Bitcoin is dependent on it for quite some time. After the recent halving, there has been a huge movement in the whole market. Bitcoin users have started withdrawing their assets and till now they withdrew their BTC worth $220 million. There are several assumptions on this move by the holders whether they are considering BTC as a store of value or there might be something else to it.

According to the <a href="https://studio.glassnode.com/compare?a=BTC&amp;c=native&amp;e=aggregated&amp;m=transactions.TransfersVolumeExchangesNet&amp;mAvg=0&amp;s=1575158400&amp;scl=lin&amp;u=1589414399&amp;zoom=" target="_blank" rel="nofollow noopener">data </a>from Glassnode, it came out that Bitcoin users have withdrawn around 24,000 BTC from the exchanges. Glassnode has started noticing this trend of withdrawing from mid-April and it continued after the halving.
<blockquote class="twitter-tweet">
In the hours before and after <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>'s halving, exchange net flow decreased significantly.
So far, the event has had no impact on 2020's trend of investors withdrawing <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> from exchanges.<a href="https://t.co/KqezAI9HsM">https://t.co/KqezAI9HsM</a> <a href="https://t.co/ClCdYJ90wG">pic.twitter.com/ClCdYJ90wG</a>

— glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1260609414651940874?ref_src=twsrc%5Etfw">May 13, 2020</a></blockquote>
<h2>Bitcoin users might be taking responsibility for their funds</h2>
Due to such huge withdrawals, it has been noticed that the bitcoin users might be taking the responsibility of their funds because of which they are withdrawing them. This also specifies that the users might be losing their trust on the exchanges. There is another assumption also which believes that the users might have started taking Bitcoin as a store of value and hence they are withdrawing them.

People are also getting sceptical about the fact that crypto scams are increasing rapidly and are quite concerned about the security of their funds. Through records, it has been revealed that around $1.1 billion of crypto have been stolen in these scams from the exchanges.
<h2>New addresses increasing rapidly </h2>
As it has been revealed that Bitcoin users are withdrawing their funds from the exchanges, it also came out that active Bitcoin addresses are also increasing rapidly. It has been noticed that daily active Bitcoin addresses have now crossed 1 million which indicated that new addresses are also increasing rapidly. This huge amount of active Bitcoin users were seen back in 2019 and during the 2017 bull run.

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Bitcoin Users Withdrew 24K BTC Since Recent Halving

Bitcoin users have started withdrawing their assets and till now they withdrew their BTC worth $220 million after the recent halving.

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

Bitcoin Users Withdrew 24K BTC Since Recent Halving

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