The bitcoin price is now 38% less than it was three months ago at $69K, but the bitcoin traded on the exchanges has fallen to its lowest level since April 2021. At the end of July last year, there was 2.59 million bitcoin held by crypto trading platforms, and today there’s only 2.36 million held by exchanges, which means there’s 8.8% fewer bitcoin on exchanges than six months ago.
Bitcoin Exchange Reserves drop 8% lower than the Bitcoin held on Exchanges six months ago
According to current statistics, there’s 2.363 million bitcoin, or $100 billion worth, of the leading crypto asset held on exchanges. The current value of the bitcoin (BTC) held by centralized exchanges equates to 12.36% of BTC’s overall $809 billion market capitalization.
While 2.363 million is a significant fraction, it’s 8.88% less than the number of bitcoins held on exchanges on July 25, 2021. Too many crypto market participants, and the fact that there’s less BTC on exchanges means less selling pressure going forward.
The last time the bitcoin exchange reserve was this low, ten months back, in April 2021. Combining statistics from Bituniverse and Etherscan with Chain.info, Coinbase has the highest bitcoin reserves today, at 853,530 BTC.
The value of Coinbase’s BTC holdings equates to 35% of the current $100 billion worth of BTC held on exchanges. Binance holds the second largest bitcoin holdings in terms of bitcoin exchanges with 339 870 BTC valued at $14.5 billion according to current bitcoin exchange rates.
Ethereum Exchange Reserves Fall, Miners Sell Holdings
The same is true for the number of ethereums (ETH) that are held on centralized exchanges. Data from cryptoquant.com shows there’s 17 million ether held on exchanges today, but that amount has been sliding significantly since May 2021. Last May, 21.9million ethereum was held on crypto exchanges.
This means around 22.3% of the ETH that is currently on exchanges has been removed from the market to find alternative solutions. However, a lot of the ETH that left centralized markets since May may have been transferred onto decentralized exchange (dex), platforms.
Binance holds 3.59 million ETH of reserves, making it the top-rated crypto exchange for ether trade volume. Although there may be less demand for BTC/ETH, the metrics indicate that BTC miners still sell bitcoin.
Glassnode data shows that miner holdings went negative in February 2022 for the first-time in almost two months. At the time of writing, cryptoquant.com statistics indicate there’s roughly 1.86 million BTC held by mining entities.
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