The number of bitcoin held on exchanges has continued to fall lately as the statistic suggests crypto advocates are withdrawing funds from trading platforms for long-term safekeeping. At the time of writing, there are 2.32 million bitcoin worth more than $90 billion on centralized cryptocurrency exchanges.
Since this time last year, large amounts of Bitcoin are still being withdrawn from centralized exchanges
Bitcoin is being pulled from exchanges in greater numbers these days, as the statistic shows that the amount – 2.32 million bitcoin (BTC) held today – has not been this low in more than three years. Three years ago in March, the number of BTC stored on various trading platforms was even greater, at around 2.73 million bitcoin. In addition, the day after the infamous “Black Thursday” on March 11, 2020, the exchanges had just over three million BTC, according to cryptoquant.com statistics.
For the past few weeks, crypto asset prices have been lower and balance stats really started to fall in August 2021. Today, according to Bituniverse stats, Coinbase is the largest balance holder in terms of bitcoin with 853,530 BTC. Bituniverse uses data from peckshield.com, chain.info and etherscan.io. The Transparent Balance Rank tool also measures ethereum (ETH) and tether (USDT) balances.
Under Coinbase’s balance, Binance has $18.94 billion in crypto assets. Binance has more than 340,000 BTC and also 3.59 million ETH according to current statistics. In addition, Binance owns 1.24 billion of the stablecoin crypto asset tether. Among Coinbase’s $44.5 billion and Binance’s stock is Huobi Global’s treasury with $16.12 billion in crypto reserves. Huobi wallets indicate that the exchange holds more than 160,000 BTC and 2.13 million Ethereum.
Crypto funds leaving exchanges are often seen as a good sign in the crypto space for two reasons. First, the trend suggests owners are unwilling to sell their bitcoin right now. This means there is less money in the market to dump whales and it also causes liquidity to dry up. Moreover, in the world of cryptocurrency assets, the golden rule is to keep your own keys and the trend could also indicate that users are taking that advice more seriously.
What are your thoughts on bitcoin’s balances on exchanges today and how they are currently at their three-year low? Let us know what you think about this topic in the comments section below.
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