According to crypto asset tracker, CryptoQuant, there’s about 2.363 million bitcoin, or $100 billion worth, of the leading crypto asset held on exchanges. This represents 12.36% value of the leading cryptocurrency’s $809 billion market capitalization.
According to reports, you have to go back to April 2021 when the amount held in exchange reserves was about 2.4 million.
Furthermore, combined data from multiple blockchain scanners show that leading centralized exchanges are holding the most bitcoin:
- Coinbase – 853,530 BTC
- Binance – 339,870 BTC
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SEE ALSO: Crypto Exchanges Hold 6.6% of Bitcoin Supply – One of the Lowest in History
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Moreover, aggregated exchange wallet holdings across the major exchanges as compiled by another exchange wallet screener, Viewbase, shows that only 11.5% of total ETH supply is held on exchanges, at about 13.7 million ETH. This can be compared to 21.9 million ETH in May 2021.
The significance of declining crypto held on exchanges has become associated with less desire to sell from market participants which is also a sign of upward price action.
So far, 2022 has mostly experienced a bear market but the last few days have seen upward movement as Bitcoin rose more than 5% in the last 18 hours and currently stands at $44,342.88.
Bitcoin (BTC) hit upside on February 15, 2022 as a it passed $40,000 for the first time in nearly a month dragging altcoins up with it.
Ether (ETH) rose nearly 8% at the same period and currently stands at $3,161.87.
Out of the top ten cryptocurrencies by market cap, similar gains were afforded to:
- Binance Coin (BNB)
- Solana (SOL)
- Avalanche (AVAX)
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RECOMMENDED READING: Bitcoin Will 3x and Hit $100,000 by 2022, Eventually Ethereum’s MarketCap Will Dominate, Says Standard Chartered Bank
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Thank you for your support by helping us create content:
BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT
ERC20 Address: 0x03139524428e40E31f13909f8D994C915FB91277
SOL address: 9cC65AWFHj848kntcoyiT8av3jiRQEqyTTmBR1GvVUb
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