Several exchanges show alarming fall in Bitcoin holdings

2023-8-31 02:00

Quick Take

Recent data analysis reveals a precipitous decline in Bitcoin reserves housed by several prominent exchanges, which potentially signals their risk of being depleted. Glassnode estimates that there are approximately 2.257 million Bitcoins across all exchanges.

Specifically, exchanges with 20,000 or less Bitcoins are at a heightened risk. For instance, Huobi currently holds about 15,000 Bitcoin, a staggering fall from its peak of 415,000 in 2020. Other exchanges like Poloneix, Kucoin, Bithumb, Bitstamp, Gate.IO, and Luno collectively hold approximately 70,000 Bitcoin. Precisely, Poloneix has 17,735, Kucoin has 13,000, Bithumb has less than 10,000, Bitstamp has approximately 12,500, while Gate.IO and Luno have 6,000 and 2,000 Bitcoins respectively.

It’s evident that the shrinking Bitcoin reserves across these exchanges could have far-reaching implications for the market liquidity and trading volume in the future. The trend signifies a potential shift in users’ behavior, possibly indicating a move towards private wallets, and hence invites further scrutiny.

Exchange Balance: (Source: Glassnode) Exchange Balance: (Source: Glassnode)

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