Bitcoin outflow from exchanges dominant this August

Since Bitcoin price successfully bounced from the local bottom of $29k in the end of July, the mood has shifted from “Extreme fear” to “Greed”, and as it often happens, bitcoins start to outflow from the exchanges.
The chart by the on-chain analytics Glassnode show the trend very clearly: when the market sentiment becomes optimistic, people withdraw their crypto from the exchanges to either HODL in their own wallets, or to use in the DeFi.
The analysts estimate that over the last 30 days an equivalent of $5 Bn has left the exchanges, marking a clear outflow dominance phase, which was last seen in the end of 2020.This is good news.