Key Points:
Recent data suggests that outflows from these centralized exchanges, such as Coinbase and Robinhood, continue to define Bitcoin and Ethereum.
Over 40,000 BTC were moved out of Coinbase between April 1 and June 1, 2024. In the past 13 days, another 10,889 BTC worth around $726m was moved out of the San Francisco-based crypto exchange. Since May 13, nearly $7.05 billion in BTC has been moved from all centralized exchanges.
According to metrics from the on-chain data and analytics platform cryptoquant.com, Bitcoin reserves on these centralized exchanges are falling.
In the 30 days from 13 May to 13 June, such exchanges lost 105,706 BTC, worth some $7.05 billion. Ethereum saw its reserves plummet, with 1.08 million ETH worth $3.7 billion, leaving these platforms.
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Despite these outflows, Coinbase remains among the largest Bitcoin holders in terms of reserves. Last June 1, Coinbase held 888,337 BTC. Thirteen days later, reserves fell to 877,448 BTC. Comparatively, Binance experienced a Bitcoin inflow, with reserves rising from 642,528 BTC to 643,567 BTC for the first two weeks of June.
Robinhood also saw a decline in Bitcoin inventories, from 139,462 BTC to 136,943 BTC, meaning a loss of 2,519 BTC through June. The prevailing outflow across centralized exchanges is evidence of a prominent trend towards self-custody in the crypto community, concepts of autonomy over one’s digital assets, and scarcity-related elements of the cryptocurrency ethos.
| 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. |
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