The number of bitcoins held on exchanges has continued to fall recently, as the metric suggests cryptocurrency advocates are pulling money from trading platforms for long-term holdings. At the time of writing, centralized cryptocurrency exchanges hold more than 2.23 million bitcoins worth more than $90 billion.
Since this time last year, a large number of bitcoins have continued to be withdrawn from centralized exchanges
These days, bitcoin is increasingly being withdrawn from exchanges, as the indicator shows that the number of 232 million bitcoins (BTC) held today has not been so low in more than three years. In fact, three years ago in March, the amount of BTC stored on various trading platforms was much larger, holding about 2.73 million Bitcoins. Moreover, according to cryptoquant.com's metrics, the day after the infamous "Black Thursday" on March 11, 2020, exchanges held just over 3 million BTC.
Over the past few weeks, cryptocurrency asset prices have been moving lower, with exchange balance metrics really starting to slip in August 2021. Today, Coinbase is the largest balance holder in Bitcoin with 853,530 BTC, according to Bituniverse. Bituniverse utilizes data from peckshield.com, chain.info, and etherscan.io. The Transparent Balance Ranking tool also measures Ether (ETH) and Tether (USDT) balances.
Bitcoin trading balances have fallen to new lows this week, according to cryptoquant.com.
Below Coinbase's balance, Cryptocurrency holds $18.94 billion in cryptocurrency assets. According to current metrics, Coinbase holds over 340,000 BTC and 3.59 million ETH. In addition, Coinbase holds 1.24 billion stablecoin cryptocurrency assets in Tether. With the $44.5 billion held by Coinbase and the assets held by Coinbase, FireCoin has $16.12 billion in cryptocurrency reserves worldwide. The FireCoin wallet shows that the exchange holds over 160,000 BTC and 2.13 million Ether.
Cryptocurrency funding leaving exchanges is often seen as a good sign in the cryptocurrency space for two reasons. For one, the trend indicates that owners are reluctant to sell their bitcoins at this time. This means that there is less money available in the market for whales to sell, which dries up liquidity. In addition, in the world of cryptocurrency assets, the golden rule is to hold your own keys, and this trend may also indicate that users are taking this advice more seriously.
What do you think about bitcoin balances on exchanges today and the fact that they are currently at their lowest point in three years? Let us know what you think about this topic in the review section below.
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