[ad_1]
While the price of bitcoin is more than 40% lower than it was 90 days ago on March 29, the number of bitcoins held on exchanges has also been reduced. Last year on the same day of June 2.79 million bitcoins were held on crypto trading platforms and a year later around 28.67% of bitcoins held left crypto exchanges. The decreasing amount of bitcoins held on centralized exchanges suggests that coins are being held in long-term storage rather than prepared for trade.
Data suggests bitcoin is being removed from exchanges and in non-custodial wallets for long-term storage
On March 29, 2021, the price was 42.93% higher, but there was also 9.54% more bitcoin (BTC) held on centralized exchanges. Additionally, the price of BTC was $ 9,165 per unit, and today, as BTC hovers above $ 33,000 per unit, the price is 262% higher than last year.
Interestingly, there was a lot more bitcoin on the exchange on June 26, 2020, with statistics showing that 2.79 million bitcoins were held in foreign exchange reserves. Today, bitcoin held on exchanges is 28% lower with data showing 1.99 million bitcoin on centralized trading platforms.
(Left chart) Bitcoin balances on exchanges on June 26, 2020, via Glassnode data. (Right graph) Bitcoin balances on exchanges on June 27, 2021, via Bybit.com data.
Last year, Bitcoin.com News reported a decline in trading balances a month later on July 30, 2020. At that time, there were 2.6 million bitcoins on the world’s stock exchanges and this was a 12-month low, fueling bullish optimism.
When bitcoin balances are reduced on centralized exchanges, market participants assume that these coins are in long-term storage instead of waiting to be sold. Analysts speculate that the drop in selling pressure is due to bitcoin users storing funds in private, non-custodial wallets.
Bitcoin balances on exchanges from February 2021 to June 27, 2021.
However, since April 2021, there has been an increase in bitcoin held on exchanges, with April 20 being the lowest point of the year. On that day, data shows 1.82 million BTC was held on exchanges and since then balances have increased 9.34% to 1.99 million BTC or $ 62 billion using the rates of current changes.
So, as the price has been going down lately, there has been a small increase in foreign exchange deposits, which offsets the 90-day drop from March 29 to now. In March 2020, when ‘Black Thursday’ happened, over 3 million BTC were held on the stock exchange.
Coinbase Holds Largest Crypto Reserve Balance At $ 35 Billion
Statistics show that the main exchange with the most bitcoin (BTC) on June 27, 2021 is Coinbase with 636,835 BTC or over $ 21 billion in bitcoin reserves. 3,550 BTC or more than $ 117 million left Coinbase in the past 30 days according to statistics from bybt.com/balance.
Coinbase is followed by Binance (341,722), Okex (323,552), Bitfinex (187,728), Huobi (156,277), Kraken (144,499) and Bitflyer (61,185). Even though Coinbase has seen over 3,000 BTC leave the exchange, Huobi has seen 23,335 BTC or $ 774 million leave the trading platform in the past month.
The addition of Stables and Ethereum (ETH) to the mix and data from Bituniverse, Peckshield, Chain.info and Etherscan shows that Coinbase has over $ 35 billion in reserves between the Stables, ETH and BTC.
With these three measures combined, the reserve positions by exchange data change, with Binance ($ 14.9 billion), Huobi ($ 12.8 billion), Kraken ($ 8.64 billion) and Okex respectively. ($ 6.33 billion). Last year, those crypto balances held in USD value were much lower than today.
For example, Coinbase’s reserve value was 61% lower in July 2020 and held a value of around $ 13.6 billion with its stablecoin, ETH and BTC reserves. Binance’s value of the same combination of reserves was 71.40% lower in USD value. Despite the rise in value, around the same time last year, both exchanges had more cryptocurrencies in reserve.
What do you think about the number of bitcoins leaving the exchanges? Let us know what you think of this topic in the comments section below.
Tags in this story 1.99 million btc, Balances, Balances on exchanges, Binance, Bitcoin, Bitcoin (BTC), bitcoin held, BTC, BTC reserves, Bybit data, Coinbase, Exchanges, Glassnode data, Huobi, reserves, Platforms trading
Image credits: Shutterstock, Pixabay, Wiki Commons, Glassnode, Bybit.com,
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.
[ad_2]
picture credit