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Home Crypto News Analysis Top Crypto Exchanges Hold 6.2% Of Bitcoin Circulating Supply, With Coinbase Leading...

Top Crypto Exchanges Hold 6.2% Of Bitcoin Circulating Supply, With Coinbase Leading And Binance Following

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According to stats, the centralized crypto exchanges (CEX) hold 1.3 million BTC that is 6.5% of the BTC circulating supply.



Most of these Bitcoins over 44% are held in Coinbase exchange wallets.

According to CryptoRank statistics, there are 583,000 BTC in Coinbase wallets. Binance is in second place with 329,000 BTC holdings, almost 25% of 1.3M BTCs, in third place is Bitfinex with 193,000 BTC (16.63%).

Analyst data indicate that CEX balances have declined over the past two years. In July 2021, CEX wallets had 1.53 million BTC (7.3% of the BTC circulating supply), in October 2020, 1.76 million BTC (9.5%).

Glassnode data confirms this trend of falling BTC reserves on CEX. According to Glassnode, there were more than 2.54 million BTC in wallets of centralized exchanges in 2018 which now falls to 1.4 million BTC in 2021.

A similar outflow of funds is observed for the Ethereum addresses of centralized exchanges. According to Glassnode, Ethereum balance on exchanges reached a 3-year low of 14,042,589.854 ETH.

These CEX falling reserves is an extremely positive sign as it eliminates the possibility of sharp selling. This also indicates investor trust in the market as investors are confident to hold their digital assets away from exchanges for long-term storage. The BTC and ETH, CEX holdings are at the lowest in crypto history which is proved by the fact that we are not having any massive corrections as we had in 2018, 2019.

Any dip in the crypto market for the last almost 1.5 years is quickly bought and after short-sized corrections market tries to recover fast, showing that investors are not panic-selling and holding their assets for the long term.

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Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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