Roughly 49 days ago, the number of bitcoin held on exchange was around 2.503 million, according to statistics recorded by cryptoquant.com. Since then, $4.76 billion worth of bitcoin has been removed from centralized crypto exchanges, as there’s 2.275 million held on trading platforms today. Glassnode reported on July 5, that despite bitcoin’s “weak price-action through June, bitcoin has been withdrawn from exchanges at the most aggressive rate in history.”
A large portion of BTC’s losses took place during the last month as statistics indicate that 30.4% of bitcoin’s drop in USD value happened during the 30-day period. While prices have been gloomy, there’s also been significant liquidations and crypto exchange operations halting withdrawals. This has arguably injected a lot of fear into the crypto economy and even though prices are low, lots of bitcoin moved off exchanges.
The value of the BTC on exchanges in May was around $73.7 billion, and on July 10, 2022, the value of the bitcoin on exchanges is around $47.5 billion. Data from Bituniverse, Peckshield, chain.info, and etherscan indicate that Coinbase is the largest exchange in terms of BTC reserves.
The stats from Bituniverse shows Coinbase holds 853,530 BTC and the second-largest exchange in terms of BTC reserves is Binance with 340,410 BTC. Between Coinbase and Binance, both exchanges command more than 52% of the bitcoin held on crypto exchanges today.
What do you think about the number of bitcoin leaving exchanges over the last 30 days? Let us know your thoughts about this subject in the comments section below.
