The Drop of Bitcoin
The value of bitcoin has dropped by 42.93% since March 29, the number of bitcoin stored on exchanges has also decreased. Similarly, in June last year, 2.79 million bitcoin was kept on crypto buying and selling platforms, and about 28.67% of the bitcoin held departed crypto exchanges a year later.
The Market Perception
Market participants believe that when bitcoin balances on controlled exchanges are low, the long-term storage retains the coins than traded. According to analysts, Bitcoin consumers putting assets in non-custodial private wallets is causing the decreased selling pressure.
However, since April 2021, when bitcoin was at its lowest point, there was a rise in bitcoin held on exchanges. Data reveals that on that day, the exchanges held 1.82 million BTC. It also reveals that balances have subsequently risen by 9.34 percent.
As a result, there has been a slight increase in exchange deposits in recent days. Therefore balancing the 90-day decline since March 29. When ‘Black Thursday’ happened in March 2020, exchanges stored more than 3 million BTC.
Coinbase Cryptocurrency Exchange
With a $35 billion reserve, Coinbase is the largest cryptocurrency exchange. According to statistics, Coinbase is the leading bitcoin (BTC) exchange as of June 27, 2021. Coinbase acquired over 636,835 BTC or over $21 billion in bitcoin reserves. Over 3,550 BTC, or $117 million, has left Coinbase in the last 30 days, according to statistics from bt.com/balance.
Other Crypto Exchanges
Binance (341,722), OKEx (323,552), Bitfinex (187,728), Huobi (156,277), Kraken (144,499), and BitFlyer (61,185) are the next most popular cryptocurrency exchanges. Huobi quit the trading platform with 23,335 BTC or $774 million in the last month. Coinbase left the exchange with over 3K in BTC.
Adding stablecoins and Ethereum (ETH) to the mix, data from Bituniverse, Peckshield, Chain.info, and Etherscan reveals that Coinbase has over $35 billion in stablecoin, ETH, and BTC reserves.
When you combine all three measurements, you get Binance ($14.9 billion), Huobi ($12.8 billion), Kraken ($8.64 billion), and OKEx ($6.33 billion). Cryptocurrency balances in USD denominations were significantly smaller last year than they are now.