Bitcoin prices have resumed their upward momentum in the past two days as the price of each coin reached its March 2021 high of $54,822 on Tuesday morning (ET). As early as December 2020, people noticed that the exchange’s Bitcoin had fallen to a three-year low, and this year the Bitcoin exchange balance continued to plummet. Since October 2020, the top five leading cryptocurrency exchanges have withdrawn as many as 189,000 bitcoins.
On many popular crypto trading platforms, the balance of Bitcoin exchanges has dropped sharply
The price of Bitcoin (BTC) has performed well this week, and at the time of writing, the leading crypto asset is currently trading at $53,820 per coin. Last week, prices were much lower, reaching a low of $43,171 per unit at Bitstamp on February 28. At the same time, data on the chain shows that the balance of bitcoin transactions held on popular trading platforms is still running out.
On March 7, sophomore finance majors, William Clement III A tweet about the exchange’s Bitcoin balance diving again was posted on Twitter. Clemente shared a graph from the on-chain cryptographic analysis portal Glassnode.
Statistics from the on-chain analytics aggregator Glassnode show that in the past 12 months, popular trading exchanges like Coinbase, Binance, Huobi and many other platforms have lost 20% of their Bitcoin balances. As usual, Bitcoin analysts believe that the data shows that investors are accumulating rather than selling Bitcoin on exchanges. For example, news.Bitcoin.com pointed out that the exchange balance sank in December 2020 and also decreased in October 2020. On October 16, 2020, our news desk reported that customers have withdrawn 187,000 BTC since June 2020.
In the past four months, the top five cryptocurrency exchanges by Bitcoin balance have seen customers withdraw 189,000 BTC
In mid-October 144 days ago, Coinbase was the Bitcoin exchange with the deepest hood and is still the leader of the exchange. However, Coinbase held 908k BTC at the time, and today’s statistics show that Coinbase only holds 870k BTC. In the past 21 weeks, these 34,000 BTC have left the San Francisco exchange. Since June 2020, the exchange has seen 36,000 BTC withdrawals leaving Coinbase.
At the time, Huobi Global was the second largest holder of cryptocurrency trading balances. However, today Huobi was pushed to third place and replaced by Binance. Huobi’s BTC is 345,000, but about 93,000 BTC have left the exchange since then. In the screenshot below, the top five cryptocurrency trading platforms are ranked based on the transparent Bitcoin balance ranking. The exchange balance ranking data comes from Bituniverse exchange market statistics.
According to the combination of Bituniverse, Peckshield, Chain.info and Etherscan statistics, Binance is now the second largest holder in terms of BTC’s cryptocurrency exchange balance. The exchange currently offers a supply of 215,000 BTC at the time of issuance, but four months ago, Binance held 266,000 BTC because it lost 51,000 BTC in customer withdrawals.
At that time, the San Francisco exchange Kraken was the seventh largest Bitcoin exchange balance holder, and today, Kraken ranks fourth. Today, Kraken has 137,000+ Bitcoin reserves, but four months ago, the total was 132k BTC. This means that since October last year, Kraken has gained some leads in the Bitcoin exchange balance competition.
The top BTC holding exchange ranked fifth is Okex, and the trading platform also holds the fifth place in October 2020. At that time, Okex’s reserves were still 198,000 BTC, and now it is 187,000 BTC. This means that since October 16, 2020, 11,000 BTC have been withdrawn from Okex. Since our last study of the large number of exchange withdrawals that occurred last year, Bitmex has withdrawn 3,000 BTC.
The combination of BTC exchange balance data shows that since mid-October, using today’s Bitcoin (BTC) exchange rate, the top five leading exchanges have lost 189,000 BTC or more than 10 billion U.S. dollars. You can see these statistics by using Glassnode’s BTC exchange balance data and Bituniverse’s exchange balance ranking to view each exchange.
The billions of dollars in Bitcoin leaving centralized cryptocurrency exchanges shows that people want to keep their coins safe in a non-regulated manner, and for many observers, this also means that they don’t want to sell these coins in the short term.
What do you think of the exhausted Bitcoin exchange balance and the top five exchanges losing 189,000 Bitcoins due to customer withdrawals? Let us know your thoughts on this topic in the comments section below.
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