Bitcoin Exchanges Have Processed More Than $2 Million In Couple Months

In February, Coinbase managed 1 million bitcoins, and today’s reserves fell by more than 9% when 92,000 bitcoins ($ 1 billion) left the exchange. According to Bituniverse’s online balance sheet tracking rankings, the San Francisco trading platform is now under the control of 908,560 BTC.

36,000 BTC ($ 408 million) left Coinbase after the news. Reserves Report, released June 30, 2020. A number of the leading Coinbase exchanges have also run out of cold wallets in the last three months. The seven best stock exchanges as of June 30, 2020, according to stock market tracker Bituniverse. The second largest Bitcoin exchange is Huobi, and the trading platform has dropped by more than 53,000 BTC ($ 601 million) since June 30. Binance’s balance remains unchanged as the exchange held 266,000 BTC today and 269,000 BTC three months ago. Likewise, Bitfinex’s fourth largest reserve holder has barely moved in the last three months.

Seven of the leading stock exchanges as of October 16, 2020, according to stock market tracker Bituniverse.
Three months ago, Okex had 240,000 BTC available, but today Okex only has 198,000 BTC in reserve. This means 42,000 BTC have left Okex since June as 17.5% left the exchange in the last three months.

Recently, Bitmex had some legal issues with the US government, and a lot of Bitcoin left the futures exchange after the incident. Three months ago, Bitmex had 224 BTC reserves, and today the exchange only has 113,000 in the cold store. Data from Onchain shows that Bitmex has lost 49.55% of BTC reserves since June 30.

At the time of writing, Glassnode’s “Balance of Exchange for Bitcoin” statistics show that 2.7 million BTC are held on the exchange today. Glassnode statistics show that out of the 21 million BTC figure, the exchange holds 12.85% of all that will exist and 14.59% of the 18.5 million BTC in circulation.

1.8 million BTC out of a total of 2.7 million BTC held on exchanges are among the five largest crypto trading platforms in the world. BTC’s five main custody platforms include Coinbase, Huobi, Binance, Bitfinex, and Okex. Currency balances have gradually decreased over the past 15 months and were last low around May 2019.

For many crypto enthusiasts and traders, low exchange balances mean consumers are holding assets in a charitable way rather than handing over funds to a third party. Data from Bituniverse and Glassnode also show that liquidity and pressure on sales could decline.


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