The crypto market is constantly changing, especially with the global changes and fluctuations that most global financial markets are currently witnessing.

New data indicates that bitcoin investors are paying close attention to their money amid the recent crypto market crash and increasing global economic turmoil.

According Cryptocurrency analytics firm Glassnode, cryptocurrency traders are withdrawing their coins from cryptocurrency exchanges at a rapid rate and transferring them to private wallets, bringing the amount of bitcoin on the exchanges to the lowest in the past eight months.

Despite the volatility, Bitcoin holders seem to be withdrawing their money from the exchanges.

The outflow has been increasing daily since March 18th.

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According to the ratings of Glassnode, the bitcoin balances of exchanges are now lower than they were about 8 months ago.

There are a number of possible explanations for the mass exit of trading platforms, and among the possible scenarios are the following:

Cryptocurrency holders may be in:

• Choosing to keep custody of their own assets without intermediaries.
• Determine long-term resilience, hold currencies and stop trading.
• Concerned about the liquidity of digital trading platforms amid the market downturn.

The move coincides with a boom in the creation of new bitcoin addresses.

The research team at Glassnode says that the three-day moving average of new addresses jumped 11.7% in the 24-hour period between Wednesday and Thursday.

Cryptocurrency analyst and technical trader Scott Melker says he is now watching legendary investor and cryptocurrency critic Warren Buffett to gauge when global financial markets have bottomed.

Scott stated:

In my conversation with Mark Yusko, founder of Morgan Creek Capital Management, we discussed when the bottom of the market is likely to be reached.

We agreed that the most reliable signal would be when Warren Buffett published his $125 billion in cash.

Read:A Polish bank uses the Ethereum blockchain to manage documents

This has not happened yet.

At press time, the Bitcoin bulls are now battling to maintain the psychological level of $6000.

Bitcoin is down 0.9% in the past 24 hours at $6,156, according to CoinMarketCap.

While Ethereum settled by 0.44% to reach $129.32, while XRP rose by 2.10% to reach $0.17.

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Increased search rates for the term “buy bitcoin” with increased registration rates on trading platforms