Amid the market carnage tied to Terra’s recent fallout, bitcoin sent to exchanges saw a brief spike on May 7, jumping more than 2% higher from 2.481 million to 2.532 million bitcoin. The number of bitcoins available on the exchanges is still lower today than it was before, despite the increase in bitcoin sent to trading platforms.
Bitcoin is still being traded on exchanges
Bitcoin (BTC), which is still being removed from central cryptocurrency exchanges, has fallen to a low of 1.3 million. This number was lower than what was 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.
The number of BTC traded on exchanges fell 15.86% between March 12, 2019, when it was 3 million BTC, and 2.524 BTC by November 15, 2020. The number of BTC on exchanges is lower in recent years, and it hit two major lows in May.
The first cryptoquant.com data, which was published on May 2, 20,22, showed that Bitcoin had been exchanged for 2.481 Million BTC. The number of bitcoin at 2.481million was only 1.70% less than that held by November 15, 2020. The Terra blockchain disaster and the de-pegging of the Terrausd (UST), event saw a temporary spike in BTC depositors to the exchanges.
There was an increase of 2% in BTC deposits to central crypto exchanges after the May 2 low. However, that indicator changed quickly as bitcoin deposits to central crypto exchanges dropped 2.21% from the May 7 high of 2.532 million bitcoin to 2.476 millions BTC.
5 exchanges hold more than $50 billion of the $73 Billion Bitcoin held on trading platforms
At the time of writing, there’s 2.503 million bitcoin worth $73.7 billion held on digital currency trading platforms. Data provided by Bituniverse’s Exchange Transparent Balance Rank (ETBR) indicates Coinbase holds roughly 34% of the bitcoin held on exchanges. According to the ETBR, Coinbase has 853,530 bitcoins on its trading platform. This is worth approximately $25.14 billion at current BTC exchange rate.
Binance owns 13.58% the 2.53 million bitcoin traded on exchanges. Binance holds the 2nd largest amount of bitcoin, with a total of 340410 BTC and a value of approximately $10 billion.
Okex is currently in the third position for BTC holdings. It holds 266,530 BTC or 10.62%. Huobi Global is currently in the fourth position with 160,950 bitcoin on the platform. Huobi’s BTC stash equates to 6.39% of the entire 2.503 million bitcoin held by exchanges.
Kraken crypto trading platform is the fifth-largest holder of bitcoin (102,900) or 4.07%. The group of trading platforms has 68.66% (or 2.503 million) of all five top exchanges in terms of BTC reserves.
Five exchanges have 1.724 billion BTC, which is $50.7 billion. This compares to the overall total of 2.53 million BTC that’s worth $73.7 Billion. While there’s a lot less BTC held on exchanges, the number of bitcoin held by these trading platforms is largely concentrated on Coinbase, Binance, Okex, Huobi, and Kraken.
How do you feel about BTC being kept on central exchanges? How do you feel about 68% that is held by five cryptocurrency trading platforms? Comment below and let us know how you feel about the subject.
Images CreditsShutterstock and Pixabay. Wiki Commons. Data from cryptoquant.com.
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