BTC Held On Trading Platform Continues To Drop, These Exchanges Constitute Over 68% Of BTC

Bitcoin(BTC) remains excluded from the centralized cryptocurrency exchanges. The current number is much lower than the lows on November 15, 2020.

On March 12, 2020, the day after the popular ‘Black Thursday’ there were approx. 3 million bitcoins held on centralized digital currency trading platforms.

The amount of Bitcoin held on exchanges

fell down to 15.86% on March 12 from 3 million BTC to 2.524 BTC on November 15, 2020.

The number of BTC held on exchanges hit two significant lows in May.

More than $50 Billion Bitcoins Are Held By 5 Exchanges

2.503 million bitcoin were held on cryptocurrency platforms at the time of writing.

Coinbase holds approx. roughly 34% of the bitcoin is held on exchange as per the data from Bituniverse’s Exchange Transparent Balance Rank (ETBR).

According to the ETBR list, Coinbase holds 853,530 bitcoin on the trading platform worth approx. $25.14 at the time of writing.

Binance holds 13.58 percent of the 2.503 million bitcoin stored on exchanges. Binance is the second-largest cryptocurrency exchange in terms of BTC holdings, with 340,410 BTC worth around $10 billion.

Okex is the third-largest cryptocurrency exchange in terms of BTC holdings, with 266,530 BTC, or 10.62 percent of the total. Huobi Global now has the fourth-largest position on the platform, with 160,950 bitcoin. Huobi’s bitcoin holdings account for 6.39 percent of the 2.503 million bitcoin held by exchanges.

Kraken holds 4.07% or 102,900 bitcoins and is the fifth largest BTC holder. In terms of BTC reserves, the top five exchanges collectively own 68.66 percent of the 2.503 million bitcoin.

The five exchanges held 1.724 million BTC worth $50.7 billion out of the total of 2.503 million worth $73.7 billion. While there are fewer bitcoins kept on exchanges, Coinbase, Binance, Okex, Huobi, and Kraken hold the bulk of bitcoin.

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing