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Bitcoin Exchange Reserves Are Depleting As BTC Rises

Summary:
Over the past year, the total outflow of bitcoin from the largest crypto exchanges amounted to more than 600,000 BTC (.7 billion at the current exchange rate). Glassnode analysts reported this in a weekly digest. Since March 2020, Bitcoin reserves on crypto exchanges have been steadily declining. According to the published chart, the current reserves of the cryptocurrency on the exchanges are 1.5 million BTC. Source: insights.glassnode.com At the same time, just a year earlier, this number was 2.1 million BTC. The most significant drop was recorded at Coinbase and Huobi, where the total churn is about 400,000 BTC. Bitcoin relocation However, there are two exchanges that turned out to be a plus at the end of the year: Binance and Gemini. Their total growth in Bitcoin reserves amounted

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Over the past year, the total outflow of bitcoin from the largest crypto exchanges amounted to more than 600,000 BTC ($35.7 billion at the current exchange rate). Glassnode analysts reported this in a weekly digest.

Since March 2020, Bitcoin reserves on crypto exchanges have been steadily declining. According to the published chart, the current reserves of the cryptocurrency on the exchanges are 1.5 million BTC.

Bitcoin Exchange Reserves Are Depleting As BTC Rises

Source: insights.glassnode.com

At the same time, just a year earlier, this number was 2.1 million BTC. The most significant drop was recorded at Coinbase and Huobi, where the total churn is about 400,000 BTC.

Bitcoin relocation

However, there are two exchanges that turned out to be a plus at the end of the year: Binance and Gemini. Their total growth in Bitcoin reserves amounted to 270,000 BTC (from 373,000 BTC to 643,000 BTC).

Bitcoin Exchange Reserves Are Depleting As BTC Rises

Source: insights.glassnode.com

According to Glassnode, a significant part of the inflow to Gemini is, rather, the result of an increase in institutional assets in custody at the Gemini Custody.

At the time of writing, Bitcoin is trading at $58,989, up 1.58% in the last 24 hours.

It is also noteworthy that Ether (ETH) had a deficit. ETH is withdrawn from exchanges not for long-term storage, but for use on decentralized platforms.

In November 2020, the number of ETH locked in smart contracts exceeded the reserves of cryptocurrency exchanges by at least one billion dollars for the first time. At the same time, the surge in transfers has led to the fact that fees on the Ethereum network have skyrocketed several times.

If you have any questions and comments on Bitcoin today, use the form below to reply.


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Published under: Bitcoin

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