According to cryptoquant.com statistics, there were approximately 2.503 million bitcoins on exchange as of 49 days ago. Since then, $4.76 billion worth of bitcoin has been removed from centralized crypto exchanges, as there’s 2.275 million held on trading platforms today. Glassnode reported on July 5, that despite bitcoin’s “weak price-action through June, bitcoin has been withdrawn from exchanges at the most aggressive rate in history.”
Bitcoin Reserves in Exchanges Drop from an Aggressive Volume of Withdrawals
At 2:00 p.m. (ET) on Sunday afternoon, bitcoin’s (BTC) 24-hour price range has been between $21,888 to $20,710 per unit, according to coingecko.com’s market statistics. BTC’s current price is 69% less than its all-time peak of $19K/unit on November 10, 2021.
A large portion of BTC’s losses took place during the last month as statistics indicate that 30.4% of bitcoin’s drop in USD value happened during the 30-day period. While prices have been gloomy, there’s also been significant liquidations and crypto exchange operations halting withdrawals. It has undoubtedly injected fear in the crypto economy. Many bitcoins have been moved from exchanges, even though they are still low.
Five days ago, the analytics team from Glassnode reported on July 5, that “bitcoin has locked in one of the worst monthly price performances in history, with prices trading down -37.9% in June. Bitcoin has seen a near-complete expulsion of market tourists, leaving the resolve of HODLers as the last line standing,” the firm explained last Tuesday.
Glassnode also explained how a large amount of BTC was removed from central trading platforms during June. “Despite weak price-action through June, bitcoin has been withdrawn from exchanges at the most aggressive rate in history,” Glassnode said. “Total exchange outflows in June peak at -151K BTC/month, with Shrimp and Whales as main receivers,” the analytics team added.
Bitcoin.com News published on May 22nd 2022 that bitcoin holdings on exchanges have been falling and reaching lows not seen in 2020. Cryptoquant.com data showed that there were 2.503,000,000 BTC currently on exchanges at the time. That number today is 9.109% less than May 22’s statistics, as cryptoquant.com data currently shows that 2.275,000,000 BTC are on exchanges.
In May, BTC traded on the exchanges for $73.7 billion. On July 10, 2022 the exchange bitcoin value was $47.5 billion. According to data from Bituniverse and Peckshield as well as chain.info and etherscan, Coinbase has the highest BTC reserve.
Bituniverse stats show that Coinbase has 853,530 BTC, while Binance holds 340,000.410 BTC. Coinbase and Binance control over 52% of bitcoin currently held on cryptocurrency exchanges.
How do you feel about bitcoins leaving exchanges in the past 30 days? We’d love to hear your opinions on the subject below.
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