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Bitcoin price resumed bullish momentum over the past two days, hitting a record high of $54,822 on March 10th. In December 2020, there was news that the centralized exchange’s bitcoin holdings fell to the lowest level in three years, and the exchange’s bitcoin balance continues to decline. In a report on March 10th, Jintherchaising revealed that 189,000 bitcoins have been withdrawn from the top five cryptocurrency exchanges since October 2020.
# Major cryptocurrency exchanges plunge in Bitcoin holdings
The price of Bitcoin (BTC) has been on the rise this week. At Bitstamp on February 28, it once dropped to $43,171. Along with this, if you look at the data on the chain, there is a shortage of remaining bitcoins held by major exchanges.
According to data from on-chain analytics data provider Glassnode, Bitcoin balances on Coinbase, Binance, Huobi and many other major exchanges have declined by nearly 20% over the past 12 months. Bitcoin analysts believe that it shows that investors are accumulating bitcoins instead of selling them on exchanges.
# 189,000 Bitcoin bounces on the top 5 exchanges in the last 4 months
The news.Bitcoin.com pointed out that the exchange’s bitcoin balance fell in December 2020 and declined somewhat in October 2020. According to news at the time of October 16, 2020, customers have continuously withdrawn 187,000 bitcoins from the exchange since June 2020. In addition, over the past four months, the number of bitcoins that customers withdrew from the top five cryptocurrency exchanges based on their bitcoin balance amounted to 189,000.
In mid-October 2020, 144 days ago, Coinbase was the No.1 Bitcoin exchange with the largest bitcoin holdings, and it still maintains its No.1 position. However, Coinbase held 908,000 bitcoins at the time, but according to current statistics, it only holds 870,000. This means that 34,000 bitcoins have been withdrawn from this San Francisco-based exchange over the past 21 weeks. Counting from June 2020 onwards, a total of 36,000 bitcoins have departed from Coinbase.
At the time, Huobi Global was the second largest Bitcoin holding exchange in the world in terms of cryptocurrency trading balance. However, as of March 10, Huobi has been pushed back to third place and Binance is in second place. Huobi’s BTC balance was 345,000, but since then, about 93,000 bitcoins have fled. Exchange bitcoin balance ranking data was based on market statistics of the Bituniverse exchange.
According to statistics from Bituniverse, Peckshield, Chain.info and Etherscan, Binance is currently the second-largest cryptocurrency exchange with Bitcoin balance. Binance currently holds 215,000 bitcoins, but four months ago it held 266,000, and in the meantime, 51,000 bitcoins were churned out.
Meanwhile, Kraken, the San Francisco exchange at the time, was the seventh-largest Bitcoin holding exchange, but it is now in fourth place. Currently, Kraken has more than 137,000 bitcoins, and four months ago, it has a total of 132,000 bitcoins, increasing 5,000 in the bitcoin balance competition. The 5th top exchange for BTC holdings was OKEx, which ranked 5th in October 2020. At the time, OKEx had 198,000 bitcoins, but now it has decreased by 11,000 to 187,000.
Taking the BTC balance data together, the 189,000 bitcoins that have dropped since mid-October last year on the top five major exchanges are over $10 billion when converted to bitcoin (BTC) prices as of March 10.
Billions of dollars of bitcoin leaving centralized exchanges show that people want to hold bitcoins in a non-trusted way. In other words, it also means that bitcoin holders do not want to sell bitcoins in a short period of time.
