Bitcoin Balances on Exchanges Are Draining, Leading Platforms See $10 Billion in BTC Withdrawn in 4 Months – Exchanges Bitcoin News

Bitcoin prices have risen over the past two days, with the price of the currency reaching a high of $54,822 in March 2021 Tuesday morning (ET). In December 2020, it was noted that bitcoin’s volume on the exchanges had fallen to a three-year low, and that balances on the exchanges have continued to fall this year. Since October 2020, 189,000 bitcoins have been withdrawn from the five major cryptocurrency exchanges.

Bitcoin exchange balances pour into a myriad of popular cryptocurrency trading platforms

The price of bitcoin (BTC) is doing quite well this week, with the leading crypto asset trading at $53,820 per coin at the time of writing. The price was much lower last week at 28. The lowest price in February is $43,171 per unit on Bitstamp. Meanwhile, onchain data suggests that bitcoin balances continue to decline on popular exchange sites.

The seventh. In March, William Clemente III, a second-year finance student, tweeted about bitcoin balances on exchanges and made another leap. Clemente shared the diagram with the cryptanalysis web portal Glassnode.

Balance of #Bitcoin on the stock market, a new dive pic.twitter.com/F20tohfXsu

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

Statistics from onchain analytics aggregator Glassnode show that popular exchange platforms such as Coinbase, Binance, Huobi and many others have lost 20% of their bitcoin balances over the past 12 months. As usual, bitcoiners think this data indicates that investors are hoarding bitcoins rather than selling them on the exchanges. For example, foreign exchange balances were found to decline in December 2020 and to run out in October 2020. The 16th. October 2020, our news service reported that as of June 2020. 187,000 BTC were withdrawn by customers.

Over the past four months, the top five crypto-currency exchanges by bitcoin balance. 189,000 BTC withdrawn by customers.

As of 144 days ago in mid-October, Coinbase was the top exchange with the most bitcoins under its hood, and it remains so today. At this time, however, Coinbase had 908k. BTC, and today, statistics show that Coinbase only owns 870,000. BTC. A total of 34,000 BTC have left the San Francisco Stock Exchange in the last 21 weeks. This also came after the exchange had removed 36,000 BTC from Coinbase since June 2020.

At the time, Huobi Global was the second largest holder of cryptocurrency assets. Today, however, Huobi has been demoted to third place and replaced by Binance. Huobi had 345k in BTC, but since then about 93,000 bitcoins have left the exchange. The top five crypto currency trading platforms, in terms of transparent bitcoin balances, are shown in the screenshot below. The Exchange Balance Rank data is based on Bituniverse exchange statistics.

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

Binance is currently the second largest holder of BTC crypto-currency assets, according to a combination of statistics from Bituniverse, Peckshield, Chain.info and Etherscan. The exchange currently holds 215,000 BTC at the time of publication, but four months ago Binance held 266,000 BTC when it lost 51,000 BTC due to customer withdrawals.

At the time, the San Francisco-based Kraken Exchange was the seventh largest holder of bitcoins; now Kraken ranks fourth. Today, Kraken has over 137,000 bitcoins in storage, but four months ago it had a total of 132,000 BTC. This means that since October last year, Kraken has had an edge in the race to balance bitcoin.

The fifth stock exchange of BTC Holding is Okex. However, Okex had 198,000 BTC in stock then and 187,000 BTC now. This means that since October 16, 2020, 11,000 BTC have been removed from Okexa. Since our last survey of large withdrawals from the exchange last year, 3,000 BTC have been removed from Bitmex.

A combination of BTC balance sheet data shows that the five largest exchanges have lost 189,000 BTC, or more than $10 billion, since mid-October, assuming the current bitcoin price (BTC). Statistics can be viewed on the Glassnode BTC exchange balance and on individual exchanges by using the Bituniverse exchange balance ranking.

The billions of dollars in bitcoin leaving centralized crypto-currency exchanges suggests that people want to keep their coins safe, and for many observers it also means that they don’t want to sell those coins anytime soon.

What do you think about the declining bitcoin balances on the exchanges and the fact that the top 5 exchanges lost 189,000 bitcoins due to customer withdrawals? Let us know what you think in the comments below.

Tags in this story

Balances, Finance, Bitcoin, Bitcoin (BTC), Bitcoin Withdrawal, BitMex, Bitmex Prison, Bituniverse, Bituniverse Reserves, BTC prices, Coinbase, Crypto Exchange, Exchange Balances, Glassnode Data, Huobi, Kraken, Trading Platforms, William Clemente III

Photo credit: Shutterstock, Pixabay, Wiki Commons

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