Amid the market carnage associated with Terra’s recent fall, bitcoin sent to exchanges briefly jumped from 24.81 million bitcoins to 25.32 million bitcoins on May 7, more than 2 Jumps. Although the number of bitcoins sent to exchanges has recently increased, the number of bitcoins on exchanges today remains lower than before.
Bitcoin continues to be removed from exchanges
Bitcoin (BTC)continues to be removed from centralized cryptocurrency exchanges as it is well below the lows recorded on November 15, 2020.248 Days earlier, on March 12, 2020, the day after the infamous “Black Thursday The digital currency had just over 3 million bitcoins stored on centralized trading platforms.
During this time period, the amount ofBTCstored on exchangesdeclined 15.86% from 3 millionBTC on March 12to 2,524on November 15, 2020. The amount ofBTCstored on exchanges has declined recently, and in May the figure hit two major bottoms.
First, on May 2, 2022, according tocryptoquant.com, there were 24.81 millionBTC on the exchanges. 24.81 million bitcoinswere on exchanges. BTCas of November 15, 2020, which was 1.70% lower than the number However, during the Terra blockchain fallout and the Terrausd de-pigging (UST) event, there was a temporary spike. BTCdeposits sent to exchanges.
After the May 2 low, centralized cryptocurrency exchanges saw a 2% increase in BTCdeposits. However, this metric changed very quickly as the high of 25.32 million bitcoins on May 7 fell to 24.76 million, which is 2.21% lower, during the following week BTC.
Of the $73 billion of bitcoin held on trading platforms, five exchanges hold more than $50 billion
.
At the time of writing, 2.53 million bitcoins worth $73.7 billion are stored on digital currency trading platforms, according to data provided by Bituniverse’s Exchange Transparent Balance Rank (ETBR). shows that Coinbase owns approximately 34% of the bitcoins stored on exchanges.The ETBR list shows that Coinbase stores 853,530 bitcoins on its trading platform, which, using the current exchange rateBTCBTCthis is estimated to be about $25.14 billion.
13.58% of the 2.503 million bitcoins held on
the exchange is owned by Binance, which is the second largest exchange byBTCholdings, the second largest BTCholdings and currently controls 340,410 hiddenassets. BTCis worth approximately $10 billion.
Okex has the third largest position, owningBTC; it holds BTCand currently holds 266,530 BTC. BTC, which is equivalent to 10.62% of the total; Huobi Global owns 160,950 bitcoins and currently ranks fourth; HuobiBTCBTCis equivalent to 6.39% of the 2.503 million bitcoins on the exchange.
The
crypto exchange Kraken is the fifth largestholder of BTC; the BTC holderhas 102,900 bitcoins, or 4.07%. Among the top five exchanges, as far asBTCholdings are concerned, a group of trading venues own 68.66% of the 2.503 million bitcoins.
These five exchanges own 1.724 millionof the 2.503 millionBTCworth a total of $73.7 billion. Although the exchanges hold fewerBTC, the amount of bitcoin held on these exchanges is heavily concentrated on Coinbase, Binance, Okex, Huobi and Kraken. What do you think of the number
What do you think of the number of BTCstored on centralized exchanges, and what do you think of the 68% stored on the five cryptocurrency trading platforms? Let us know what you think about this in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, cryptoquant.com Data,
