Bitcoin Balances on Exchanges Are Draining, Leading Platforms See $10 Billion in BTC Withdrawn in 4 Months – Exchanges Bitcoin News


Bitcoin prices have picked up speed in the past two days as the price per coin hit a March 2021 high of $ 54,822 on Tuesday morning (ET). As early as December 2020, it was determined that Bitcoin had fallen to a three-year low on the stock exchanges and that Bitcoin market balances continued to decline this year. As of October 2020, a whopping 189,000 Bitcoin have been withdrawn from the five leading cryptocurrency exchanges.

Bitcoin Exchange Balances pounce on a variety of popular crypto trading platforms

Bitcoin (BTC) price is doing well this week and at the time of writing, the leading crypto asset is currently trading hands for $ 53,820 per coin. Last week the price was much lower, hitting a low of $ 43,171 per unit on February 28th on Bitstamp. Meanwhile, onchain data shows that Bitcoin exchange rate balances held on popular trading platforms continue to decline.

On March 7, the second finance major, William Clemente III, tweeted about bitcoin balances on exchanges making another dive. Clemente has released a diagram from the onchain cryptanalysis web portal Glassnode.

#Bitcoin Balance on exchanges taking another dive

– William Clemente III (@WClementeIII) March 7, 2021

Statistics from onchain analytics aggregator Glassnode show that popular trading exchanges such as Coinbase, Binance, Huobi and many other platforms have lost 20% of Bitcoin balances in the past 12 months. As usual, bitcoiners believe the data suggests investors are piling up rather than selling the bitcoin on exchanges. For example, found that exchange rate balances fell in December 2020 and also decreased in October 2020. On October 16, 2020, our news desk reported that 187,000 BTC had been withdrawn from customers since June 2020.

For the past four months, the top five crypto exchanges have been shown by Bitcoin account balance. 189,000 BTC were withdrawn by customers

144 days ago, in mid-October, Coinbase was the leading exchange with the most Bitcoin under the hood and is still the leader today. However, at that time Coinbase held 908,000 BTC and today statistics show that Coinbase only holds 870,000 BTC. That’s 34,000 BTC that left the San Francisco exchange in the past 21 weeks. This also happened after 36,000 BTC had left Coinbase in withdrawals on the exchange since June 2020.

At the time, Huobi Global was the second largest holder in terms of crypto exchange funds. Today, however, Huobi was pushed to third place and replaced by Binance. Huobi had 345,000 in BTC, but about 93,000 bitcoins have left the exchange since then. The five main trading platforms for cryptocurrencies in terms of the transparent Bitcoin account balance are shown in the screenshot below. The data on the Exchange Balance Rank come from the Bituniverse Exchange market statistics.

According to a combination of Bituniverse, Peckshield, and Etherscan stats, Binance is now the second largest holder of BTC in terms of crypto exchange balances. The exchange currently holds 215,000 BTC at the time of publication, but four months ago Binance held 266,000 BTC as it lost 51,000 BTC to customer withdrawals.

Back then, the San Francisco Kraken exchange was the seventh largest holder of a Bitcoin wallet, and today Kraken is fourth. Today Kraken holds more than 137,000 Bitcoin in reserves, but four months ago that total was 132,000 BTC. This means that Kraken has gained some head start in the Bitcoin Exchange Balance Race since October last year.

The fifth-placed top BTC holding is Okex, and the trading platform also held fifth place in October 2020. Back then, Okex still had 198,000 BTC in reserves and now holds 187,000 BTC. This means that 11,000 BTC has been withdrawn from Okex since October 16, 2020. Bitmex has withdrawn 3,000 BTC since our last study of the significant exchange withdrawals last year.

The combination of the BTC exchange rate data shows that the top five exchanges have lost 189,000 BTC, or more than $ 10 billion using today’s bitcoin exchange rates (BTC), since mid-October. The statistics can be displayed using the BTC exchange balance data from Glassnode and based on individual exchange provisions based on the exchange credit rank of Bituniverse.

Billions of dollars of Bitcoin leaving a centralized cryptocurrency exchange suggest that people might want to keep their coins in non-custodial ways, and for many observers, it also means they don’t want to sell those coins on short notice.

What do you think of the exhausting bitcoin exchange balances and the top five exchanges losing 189,000 bitcoin to customer withdrawals? Let us know what you think on this matter in the comments section below.

Tags in this story

Balance, Binance, Bitcoin, Bitcoin (BTC), Bitcoin Withdrawals, Bitcoin Withdrawals, BitMex, Bitmex Prison, Bituniverse, Bituniverse Reserves, BTC Price, Coinbase, Crypto Exchanges, Exchange Credits, Glassnode Data, Huobi, Kraken , Trading Platforms, William Clemente III

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