Clients move bitcoin off Coinfloor in July as XBT held shrinks 30%

UK-based cryptocurrency exchange Coinfloor published their July 2017 / 40th monthly Provable Solvency Report today.

The report shows that as of July 28th, Coinfloor holds a total of 5,216.3059 XBT in custodian on behalf of clients, this is a 30.5% decrease (-2,293.0657 bitcoins) from the 7,509.3716 XBT reported in June.

In June, Coinfloor users took advantage of bitcoin’s retreat from all-time high prices and accumulated more coins on the exchange. Now as an uncertain period comes with SegWit and the Bitcoin Cash (BCC) fork at the end of July and into August, clients look to have taken the opportunity to move bitcoin off the exchange as evidenced by the numbers.

Due to Coinfloor’s initial announcement earlier in the week saying they are waiting to decide whether list BCC after August 1st based on user demand – it’s possible some users were looking to go to a wallet where they could receive BCC, which could explain some of the 30% drop. Coinfloor has since said they will support BCC, this updated decision plus the fork event ending should see users buy and move some bitcoin back the on the exchange.

With the amount of bitcoin held in custodian lower from the previous month, Coinfloor’s USD value of XBT held is over $4 million less than June’s total at today’s exchange rates, which is a 23.1% decrease in USD value.

Month-over-month change in XBT held decreased 2,293.0657 (-30.5% )

7,454.8454 XBT (bitcoin) equals $18,300,413.68 US dollars – Total for June
5,216.3059 XBT (bitcoin) equals $14,078,548.81 US dollars – Total for July

Month-over-month USD value decreased $4,221,864.87 (-23.1%)

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