Bitcoin balances on the exchanges are still 28% lower than last year, despite the fact that BTC price has fallen by more than 40%

Bitcoin balances on the exchanges collapsed as the price of BTC began on Jan.

Bitcoin is moving from exchanges to wallets

On March 29, the amount of Bitcoin held on the exchanges rose more than 9.54% as the BTC price was nearly 43% above current levels.

Interestingly, there were 2.79 million bitcoins on the exchanges on June 26, 2020, but to date the BTC balance on the exchanges is only about 1.99 million, which is down more than 28% after a year.

Bitcoin on exchanges on June 26, 2020 (left) vs. June 27, 2021 (right).

A month later, on July 30, 2020, the Bitcoin balance on the exchange fell to 2.6 million BTC – a 12-month low that fueled price optimism.

Market participants argue that the decline in Bitcoin balances on the exchanges represents long-term storage rather than a pending sale. According to analysts, the reduced pressure to sell is due to users storing funds in non-custody wallets – a type of decentralized wallet where customers have the wallet’s private keys.

Bitcoin balance on the exchanges from February 2021 to June 27, 2021.

However, Bitcoin has seen a surge in the exchanges since April 2021, as the price bottomed out on April 20th. At the time, data showed that 1.82 million bitcoins were held on exchanges and balances had since skyrocketed 9.34% to 1.99 million bitcoins ($ 62 billion at current rates).

Given the recent drop in prices, there has been a small spike in balances on the exchange, offsetting the 90-day drop from March 29th to date. In March 2020, when “Black Thursday” took place, over 3 million Bitcoins were held on the stock exchanges.

Coinbase holds the most at $ 35 billion

Statistics show that the exchange that holds the most bitcoins on June 27, 2021 is Coinbase with 636,835 bitcoins (over $ 21 billion). 3,550 Bitcoins (over 117 million US dollars) have left Coinbase in the last 30 days, according to bybt statistics.

Coinbase is followed by Binance (341,722), Okex (323,552), Bitfinex (187,728), Huobi (156,277), Kraken (144,499) and Bitflyer (61,185). Huobi left 23,335 Bitcoin ($ 774 million) on the exchange last month.

When you include stablecoins and ethers in the stock market’s holdings, data from Bituniverse, Peckshield, Chain.info, and Etherscan show that Coinbase is still at the top at over $ 35 billion.

Positions on the following exchanges changed as Bitcoin, Stablecoins, and Ether were included, with Binance ($ 14.9 billion), Huobi ($ 12.8 billion), Kraken ($ 8.64 billion) and Okex ($ 6.33 billion). Last year, crypto balances in dollars were much lower than they are today.

For example, Coinbase balances are 61% lower in July 2020 and are worth around $ 13.6 billion with stablecoins, ether and bitcoin reserves, while the value of those on Binance is 71.40% lower.

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According to News.Bitcoin

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