The quantity of Bitcoin sitting on exchanges was on a downward trend for both Coinbase and Binance from January 2022, until Binance’s exchange balance abruptly reversed and began to increase in May. It is still rising, even though both the total and Coinbase exchange balances are declining.
The graph depicts the cumulative Bitcoin exchange balance, the Bitcoin price, and the exchange balances of both Binance and Coinbase.
Since February, the green line depicting the cumulative exchange balance has been on a severe downward trend. At the start of the year, there were around 2,6 million Bitcoins on exchanges. This figure is less than 2,4 million, indicating a net outflow of 200,000 Bitcoins.
This suggests that the supply of Bitcoin has been removed from exchanges, indicating a long-term positive holding tendency.
Coinbase’s overall balance has followed the same pattern. The exchange had approximately 690,000 Bitcoins at the start of the year but dropped below 560,000 in eight months.
The above graph depicts the movement of coins on Coinbase. The red lines represent Bitcoins leaving the exchange, and the green lines represent incoming balances. Since the beginning of the year, Coinbase has withdrawn a significant quantity of Bitcoin. Furthermore, the amounts taken out doubled between March, May, and July.
The fact that US institutions prefer Coinbase may have influenced these transactions. In a down market, institutions are more likely to buy and keep, which may have prompted them to withdraw their Bitcoins from Coinbase.
Despite being trapped in the same downturn at the start of the year, Binance finished up with more Bitcoins than in January. The exchange began with 586,000 Bitcoins, dipping below 560,000 until May, and concluded the year with 623,000 Bitcoins.
The chart above reflects Bitcoin reserves shrinking from February to May, then changing.
According to recent headlines, Binance and Coinbase treat the winter market differently. While Binance is unfazed by the harsh winter circumstances and continues to prioritize its consumers, Coinbase is dealing with layoffs, lawsuits, and bankruptcy rumors.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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Harold
CoinCu News
Author
News
Binance Holds The Most Bitcoins On Exchanges
The quantity of Bitcoin sitting on exchanges was on a downward trend for both Coinbase and Binance from January 2022, until Binance’s exchange balance abruptly reversed and began to increase in May. It is still rising, even though both the total and Coinbase exchange balances are declining.
The graph depicts the cumulative Bitcoin exchange balance, the Bitcoin price, and the exchange balances of both Binance and Coinbase.
Since February, the green line depicting the cumulative exchange balance has been on a severe downward trend. At the start of the year, there were around 2,6 million Bitcoins on exchanges. This figure is less than 2,4 million, indicating a net outflow of 200,000 Bitcoins.
This suggests that the supply of Bitcoin has been removed from exchanges, indicating a long-term positive holding tendency.
Coinbase’s overall balance has followed the same pattern. The exchange had approximately 690,000 Bitcoins at the start of the year but dropped below 560,000 in eight months.
The above graph depicts the movement of coins on Coinbase. The red lines represent Bitcoins leaving the exchange, and the green lines represent incoming balances. Since the beginning of the year, Coinbase has withdrawn a significant quantity of Bitcoin. Furthermore, the amounts taken out doubled between March, May, and July.
The fact that US institutions prefer Coinbase may have influenced these transactions. In a down market, institutions are more likely to buy and keep, which may have prompted them to withdraw their Bitcoins from Coinbase.
Despite being trapped in the same downturn at the start of the year, Binance finished up with more Bitcoins than in January. The exchange began with 586,000 Bitcoins, dipping below 560,000 until May, and concluded the year with 623,000 Bitcoins.
The chart above reflects Bitcoin reserves shrinking from February to May, then changing.
According to recent headlines, Binance and Coinbase treat the winter market differently. While Binance is unfazed by the harsh winter circumstances and continues to prioritize its consumers, Coinbase is dealing with layoffs, lawsuits, and bankruptcy rumors.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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