Amid the market carnage surrounding Terra’s recent fallout, bitcoin sent to exchanges saw a brief spike on May 7, rising more than 2% from 2.481 million to 2.532 million bitcoin. Despite the recent increase in bitcoins being sent to trading platforms, today the number of bitcoins on exchanges is lower than ever.
Bitcoin continues to be delisted from exchanges
Bitcoin (BTC) continues to be removed from centralized cryptocurrency exchanges as the number is much lower than the lows recorded on November 15, 2020. 248 days earlier, on March 12, 2020, the day after the infamous “Black Thursday”, there were just over 3 million Bitcoin held on centralized digital currency trading platforms.
During this period, the number of Bitcoin Shares held on exchanges fell 15.86% from 3 million on March 12 Bitcoin to 2,524 Bitcoin on November 15, 2020. More recently, the number of Bitcoin held on the exchanges was lower and in May the metric hit two significant lows.
First time on May 2, 2022, cryptoquant.com Data shows it was 2.481 million Bitcoin held on exchanges. The 2.481 million bitcoin was 1.70% lower than the number of Bitcoin took place on November 15, 2020. However, amid the Terra blockchain fallout and Terrausd (UST) de-pegging event, there was a brief surge of Bitcoin Deposits sent to exchanges.
After the May 2nd low, there was a 2% rise Bitcoin Deposits sent to centralized crypto exchanges. But that metric changed very quickly as Bitcoin’s high of 2.532 million on May 7 fell 2.21% to 2.476 million over the following week Bitcoin.
Out of $73 billion in Bitcoin held on trading platforms, 5 exchanges hold over $50 billion
At the time of writing, 2.503 million Bitcoin worth $73.7 billion are held on digital currency trading platforms. Data from Bituniverse’s Exchange Transparent Balance Rank (ETBR) shows that Coinbase holds about 34% of bitcoin held on exchanges. The ETBR listing shows Coinbase holding 853,530 bitcoin on the trading platform, which is currently valued at around $25.14 billion Bitcoin exchange rates.
13.58% of the 2.503 million bitcoins held on exchanges are held by Binance. Binance is the second largest exchange in terms of Bitcoin Holdings as it currently controls a stock of 340,410 Bitcoin worth around $10 billion.
Okex has the third largest position in relation to Bitcoin Holdings as the company currently holds 266,530 Bitcoin, or 10.62% of the total. Huobi Global holds the fourth largest position on the platform today with 160,950 bitcoins. Huobis Bitcoin Stash represents 6.39% of the total 2.503 million Bitcoin held by exchanges.
Crypto exchange Kraken is the fifth largest Bitcoin Holders with 102,900 Bitcoins held or 4.07%. Between the top 5 exchanges, as far as Bitcoin In terms of reserves held, the group of trading platforms holds 68.66% of the 2.503 million Bitcoin.
The five exchanges have 1.724 million Bitcoin valued at $50.7 billion out of a total of $2.503 million valued at $73.7 billion. Although there is much less Bitcoin held on exchanges, the number of bitcoins held by these trading platforms are largely concentrated around Coinbase, Binance, Okex, Huobi, and Kraken.
What do you think of the crowd Bitcoin held on centralized exchanges? What do you think of the 68% held across five crypto trading platforms? Let us know what you think about this topic in the comment section below.
photo credit: Shutterstock, Pixabay, Wiki Commons, cryptoquant.com data,
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