Centralized Exchange Wallets Now Hold 14% of Bitcoin’s Circulating Supply

“Not your keys, not your BTC” is a famous saying in the cryptocurrency space that means BTC on exchanges technically belongs to the exchanges since they hold the private keys to the funds. It seems the saying has not discouraged BTC holders from using exchanges as 14% of BTC’s circulating supply, amounting to over 2.6 million coins currently sits on centralized exchange wallets. Exchanges with the biggest share of BTC include Coinbase, which holds roughly 954,000, Huobi with 364,000, and Binance with 267,000. This is according to data released by the on-chain data analysis platform, Glassnode.

Exchanges hold significant amounts of BTC

Although the current 14% wallet balance on exchanges sounds big, it is just what is left following the massive outflow of BTC from exchanges earlier this year. After the third halving which happened in May, 70% of BTC balance on exchanges was withdrawn. It was speculated that the withdrawals were in anticipation of a bull run as a result of the halving. Whatever the reason, this shows that exchanges still hold a significant amount of BTC’s total circulating supply. Read More...

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