Bitcoin held on trading platforms continues to fall, over 68% of total held by 5 exchanges – Bitcoin News

Amid the market carnage surrounding Terra’s recent fallout, bitcoin sent to exchanges saw a brief spike on May 7, rising more than 2% from 2.481 million to 2.532 million bitcoin. Despite the recent increase in bitcoins being sent to trading platforms, today the number of bitcoins on exchanges is lower than ever.

Bitcoin continues to be delisted from exchanges

Bitcoin (BTC) continues to be removed from centralized cryptocurrency exchanges as the number is much lower than the lows recorded on Nov. 15, 2020. 248 days earlier, on March 12, 2020, the day after the infamous “Black Thursday”, just over 3 million bitcoin were held on centralized digital currency trading platforms.

Over this period, the number of BTC held on exchanges fell by 15.86% from 3 million BTC on March 12 to 2.524 BTC on November 15, 2020. More recently, the number of BTC held on exchanges has been lower and lower in May, the indicator hit two significant lows.

May 22, 2022, exchange reserves from cryptoquant.com datasets.

As recently as May 2, 2022, cryptoquant.com data shows that 2.481 million BTC were held on exchanges. The 2.481 million Bitcoin was 1.70% lower than the number of BTC held on November 15, 2020. However, amid the Terra blockchain fallout and Terrausd (UST) de-pegging event, there was a brief spike in BTC deposits sent to exchanges.

After the May 2 low, there was a 2% surge in BTC deposits sent to centralized crypto exchanges. But that metric changed very quickly as the May 7 high of 2.532 million Bitcoin fell 2.21% to 2.476 million BTC over the following week.

Out of $73 billion in Bitcoin held on trading platforms, 5 exchanges hold over $50 billion

At the time of writing, 2.503 million Bitcoin worth $73.7 billion are held on digital currency trading platforms. Bituniverse’s Exchange Transparent Balance Rank (ETBR) data shows that Coinbase holds about 34% of bitcoin held on exchanges. The ETBR listing shows Coinbase holding 853,530 Bitcoin on the trading platform, which is valued at approximately $25.14 billion using current BTC exchange rates.

13.58% of the 2.503 million bitcoins held on exchanges are held by Binance. Binance is the second largest exchange in terms of BTC holdings as it currently controls a stash of 340,410 BTC worth around $10 billion.

Okex has the third-largest position in terms of BTC holdings, as the company currently holds 266,530 BTC, or 10.62% of the total. Huobi Global holds the fourth largest position on the platform today with 160,950 bitcoins. Huobi’s BTC supply represents 6.39% of the total 2.503 million Bitcoin held by exchanges.

Crypto exchange Kraken is the fifth-largest BTC holder with 102,900 bitcoins held, or 4.07%. Among the top 5 exchanges in terms of BTC reserves held, the group of trading platforms holds 68.66% of the 2.503 million Bitcoin.

The five exchanges hold 1.724 million BTC worth $50.7 billion out of a total of 2.503 million worth $73.7 billion. While much less BTC is held on exchanges, the number of bitcoins held by these trading platforms is largely concentrated around Coinbase, Binance, Okex, Huobi, and Kraken.

tags in this story

$73.7 billion, 5 exchanges, Binance, Bitcoin, Bitcoin (BTC), Bitcoin held, BTC, BTC deposits, BTC held, central exchanges, Coinbase, Coinbase 34%, cryptoquant.com, exchanges, Huobi, Kraken, Okex, Terrausd (UST ), trading platforms

What are your thoughts on the amount of BTC held on centralized exchanges? What do you think of the 68% held across five crypto trading platforms? Let us know what you think about this topic in the comment section below.

Jamie Redman

Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.

Image credits: Shutterstock, Pixabay, Wiki Commons, cryptoquant.com data,

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