Fun

187,000 BTC Drained: Over $2 Billion in Bitcoin Leave the Top Exchanges Since June

News Feed - 2020-10-17 07:10:15

187,000 BTC Drained: Over $2 Billion in Bitcoin Leave the Top Exchanges Since June


Cryptocurrency reserves held on digital asset exchanges have been dropping to new lows, as some of the top exchanges have seen significant bitcoin reserve balance drops. A few months ago trading platforms had a lot more bitcoin reserves on hand and onchain data shows a few exchanges have seen customers steadily drain 187,000 bitcoins ($2.1B) from exchange-owned cold wallets.


In February, Coinbase had 1 million bitcoin under management and today reserves are down over 9% as 92,000 bitcoin ($1B) has left the exchange. Today, according to Bituniverse’s online exchange balance rank tracker, the San Francisco trading platform has 908,560 BTC under management.


36,000 BTC ($408M) left Coinbase since news.Bitcoin.com’s reserves report published on June 30, 2020. A number of top exchanges below Coinbase have also seen cold wallets drained during the last three months. The top seven exchanges in terms of balance holdings on June 30, 2020, according to Bituniverse’s exchange balance rank tracker.


The second-largest exchange in terms of bitcoin reserves held is Huobi and the trading platform is down over 53,000 BTC ($601M) since June 30. Binance’s balances remained the same as the exchange holds 266,000 BTC today and three months ago, Binance held 269k BTC. Similarly, the fourth-largest reserve holder, Bitfinex, didn’t see much movement in the last three months. The top seven exchanges in terms of balance holdings on October 16, 2020, according to Bituniverse’s exchange balance rank tracker.


Three months ago, Okex had 240,000 BTC on hand but today, Okex only has 198,000 BTC in reserves. This means 42,000 BTC left Okex since June as 17.5% left the exchange in the last three months.


Statistics show out of the top five crypto trading platforms over 187,000 BTC ($2.1B) has left these exchanges since the June report.


Just recently, Bitmex had some legal troubles with the U.S. government and since the incident, a lot of bitcoin has left the derivatives exchange. Three months ago Bitmex had 224 BTC in reserves and today the exchange only has 113,000 in cold storage. Onchain data indicates Bitmex lost a whopping 49.55% in BTC reserves since June 30.


At the time of publication, Glassnode’s “ Exchange Balance vs. Bitcoin” stats show that there’s 2.7 million BTC held on exchanges today. Glassnode’s stats indicate that out of the 21 million BTC cap, exchanges hold 12.85% of all that will exist, and 14.59% of the 18.5 million BTC in circulation.



1.8 million BTC out of the aggregate 2.7 million BTC held on exchanges sits in the world’s top five crypto trading platforms. The top five custodial platforms by BTC reserve status include Coinbase, Huobi, Binance, Bitfinex, and Okex.


Exchange balances have been riding lower consecutively for the last 15 months and the last time balances were this low was around May 2019. To many crypto enthusiasts and traders, the low balances on exchanges suggest users are storing assets in a noncustodial fashion as opposed to leaving funds with a third party.


The data from Bituniverse and Glassnode also suggests that liquidity and selling pressure may lower.


What do you think about the low number of bitcoins held collectively on global exchanges today? Let us know what you think about this subject in the comments below. Okex Halts Withdrawals Due to "Out of Touch" Private Key Holder, Founder Star Xu Talks With Police EXCHANGES | 6 hours ago Mt Gox Rehabilitation Plan Delayed Again to December 15 EXCHANGES | 1 day ago Tags in this story Binance, Bitcoin, Bitcoin (BTC), BitFinex, BitMex, Bituniverse, BTC, BTC deposits, BTC reserve status, Coinbase, Crypto Reserves, Exchanges, glassnode, Huobi, June 30 2020, market rout, Okex, outflow, Reserve Status, Trading Platforms


Image Credits: Shutterstock, Pixabay, Wiki Commons, Bituniverse, Glassnode, Use Bitcoin and Bitcoin Cash to play online casino games here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Bitcoin Worth $282K from the 2016 Bitfinex Hack on the Move
Bitcoin Worth $282K from the 2016 Bitfinex Hack on the MoveThe cryptocurrency community has noticed a number of bitcoins from the August 2, 2016, Bitfinex breach has been moved. A s
Rap Star Drake Loses $400,000 Bitcoin Bet on Jake Paul in Split-Decision Loss to Tommy Fury
Rap Star Drake Loses $400,000 Bitcoin Bet on Jake Paul in Split-Decision Loss to Tommy Fury The Canadian rapper and singer Drake lost $400,000 in bitcoin after betting that the You
Bitcoin.com Local Gathers Steam as Other P2P Markets Falter
Bitcoin.com Local Gathers Steam as Other P2P Markets Falter The bitcoin marketplace Localbitcoins was once the most popular peer-to-peer (P2P) trading platform. But during the la
Amaka Nwaokocha1 hour agoLedgerX highlights CFTC regulatory gap in customer asset rulesThe new CFTC proposal enhances rules for futures commission merchants and derivative clearing organizations, mandating high liquidity
Popular Bitcoin ATM Operator: Bitcoin of America Working With WGN Radio to Promote Cryptocurrency Education
Popular Bitcoin ATM Operator: Bitcoin of America Working With WGN Radio to Promote Cryptocurrency Education press release PRESS RELEASE. Bitcoin of America (BOA) is a popular virtua
Fidelity’s New 401(k) Product Lets Workers Add Up to 20% in Bitcoin to Their Retirement Plans
Fidelity"s New 401(k) Product Lets Workers Add Up to 20% in Bitcoin to Their Retirement Plans The multinational financial services corporation based in Boston, Fidelity Investments
Spanish Treasury Secretary Says Cryptocurrencies Carry a ‘Risk of Default’, Repeats Bank of Spain’s Lack of Regulation Rhetoric
Spanish Treasury Secretary Says Cryptocurrencies Carry a "Risk of Default", Repeats Bank of Spain"s Lack of Regulation Rhetoric The government of Spain continues
IMF: We Need a Lot More Work Done on Crypto Regulation
IMF: We Need a Lot More Work Done on Crypto Regulation The International Monetary Fund (IMF) says a lot more work needs to be done on crypto regulation. “We’ve certai
Blockchain Groups From Major Universities Are Powerful Voters in Defi Governance Protocols
Blockchain Groups From Major Universities Are Powerful Voters in Defi Governance Protocols Data shows a number of groups from major universities are participatin
‘Running Drivenet:’ Bitcoin Proponent Discusses the Benefits of Drivechain Versus Lightning Network
"Running Drivenet:" Bitcoin Proponent Discusses the Benefits of Drivechain Versus Lightning NetworkDuring the last few days, a number of cryptocurrency supporters have been discussi
Arijit Sarkar21 minutes agoTurkish Lira becomes top crypto trading pair on Binance in Sept 2023Turkish Lira accounted for 75% of all fiat volume in early September, which can be tied to the recent influx of crypto invest
Derek Andersen2 hours agoDigital rupee gets big usability boost through Yes Bank integration with UPIThe Yes Bank app’s UPI integration is the first for the Indian retail CBDC, which has seen a variety of projects sinc