According to data recorded by Cryptoquant.com, approximately 49 days ago, the number of bitcoins held on the exchange was approximately 2.503 million. Since then, $4.76 billion worth of bitcoin has been delisted from centralized crypto exchanges, as have 2.275 million on the trading platform today. Glassnode reported on July 5 that bitcoin “has been withdrawn from exchanges at the most aggressive rate in history, despite weak price-action during June.”
An aggressive number of withdrawals depletes bitcoin reserves on exchanges
According to market data from Coingecko.com, the 24-hour price range for bitcoin (BTC) at 2:00 PM (ET) on Sunday is in a range of $21,888 to $20,710 per unit. Currently, BTC is down 69% from an all-time high recorded on November 10, 2021, when the leading crypto asset reached $69K per unit.
A large portion of BTC’s losses occurred over the course of the past month as data showed a 30.4% drop in the USD value of bitcoin occurred over a 30-day period. While prices have been disappointing, there have also been significant liquidations and crypto exchange operations preventing withdrawals. This has arguably created a lot of fear in the cryptocurrency economy and despite the low prices, a lot of bitcoins have withdrawn from exchanges.
Five days ago, Glassnode’s analytics team reported on July 5 that “Bitcoin closed out one of the worst monthly price performances in history, with prices dropping -37.9% in June. Bitcoin has attracted market tourists.” has seen an almost complete eviction of
Glassnode further detailed how a large amount of BTC was delisted from the centralized trading platform in June. “Despite weak price-action during June, bitcoin has been withdrawn from exchanges at the most aggressive rate in history,” Glassnode said. “The total exchange outflow peaked at -151K BTC/month in June, with shrimp and whales being the main receivers,” the analytics team said.
Bitcoin.com News reported on May 22, 2022 that the number of bitcoins held on exchanges is decreasing and has been decreasing since 2020. At the time, there were 2.503 million BTC on exchanges according to Cryptoquant.com metrics. Today, that number is down 9.109% compared to figures for May 22 as data from Cryptoquant.com shows that there are currently 2.275 million BTC on exchanges.
BTC was valued at approximately $73.7 billion on exchanges in May, and on July 10, 2022, bitcoin was valued on exchanges at approximately $47.5 billion. Data from Bituniverse, Peckshield, chain.info and etherscan indicate that Coinbase is the largest exchange in terms of BTC reserves.
Data from Bituniverse shows that Coinbase holds 853,530 BTC and Binance is the second largest exchange in terms of BTC reserves with 340,410 BTC. Between Coinbase and Binance, both exchanges account for over 52% of the bitcoins held on crypto exchanges today.
What do you think about the number of bitcoins that left the exchange in the last 30 days? Tell us your thoughts about this topic in the comment section below.
image credit: Shutterstock, Pixabay, WikiCommons