Despite the Price Drop, Number of Bitcoin Held on Exchanges Continues to Slide
Roughly 49 days ago, the number of bitcoin held on exchange was around 2.503 million, according to statistics recorded by cryptoquant.com. 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 Glassnode reported on July 5, that despite bitcoin’s “weak price-action through June, bitcoin has been withdrawn from exchanges at the most aggressive rate in history.”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 on Exchanges Decline From an Aggressive Number 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. Currently, BTC is down 69% lower than the all-time high recorded on November 10, 2021, when the leading crypto asset reached $69K per unit.
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. This has arguably injected a lot of fear into the crypto economy and even though prices are low, lots of bitcoin moved off exchanges.
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 further detailed how there was a massive amount of BTC removed from centralized trading platforms in 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 “Despite weak price-action through June, bitcoin has been withdrawn from exchanges at the most aggressive rate in history,” Glassnode said.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 reported on May 22, 2022, that the number of bitcoin held on exchanges has been dropping lower and hitting lows not seen since 2020. At the time, there was 2.503 million BTC on exchanges according to cryptoquant.com metrics. Today, that number is 9.109% lower than the May 22 statistics as cryptoquant.com data shows 2.275 million BTC is currently held on exchanges.
The value of the BTC on exchanges in May was around $73.7 billion, and on July 10, 2022, the value of the bitcoin on exchanges is around $47.5 billion. Data from Bituniverse, Peckshield, chain.info, and etherscan indicate that Coinbase is the largest exchange in terms of BTC reserves.
The stats from Bituniverse shows Coinbase holds 853,530 BTC and the second-largest exchange in terms of BTC reserves is Binance with 340,410 BTC. Between Coinbase and Binance, both exchanges command more than 52% of the bitcoin held on crypto exchanges today.
What do you think about the number of bitcoin leaving exchanges over the last 30 days? Let us know your thoughts about this subject in the comments section below.
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