According to Viewbase, as of the finish of September 2021, 1.42M bitcoin ($BTC) or about 6.6% of the circulating provide of bitcoin is held on centralized exchanges.
This represents a 1.5% decline from August 2021 pointing to a major quantity of customers holding their funds on personal wallets.
The present quantity of bitcoin on centralized exchanges additionally occurs to be one of the lowest in historical past.
The highest quantity of BTC held on centralized exchanges in the final 3 – 6 months was the 1, 580, 158 BTC recorded in July 2021
Here is a breakdown of cash held on main exchanges:
- Coinbase – 603K BTC
- Binance – 317K BTC
- Bitfinex- 189K BTC
- Huobi – 100K BTC
- OKEX – 53K BTC
- Bitflyer – 49K BTC
- Other exchanges – 100K BTC
Noteworthy is that Coinbase and Binance maintain extra BTC than different crypto exchanges mixed: 915K BTC vs 454K BTC.
Bitcoin leaving centralized exchanges typically indicators market accumulation (demand) of the flagship cryptocurrency.
On the different hand, extra bitcoin on centralized exchanges indicators low demand for the asset.
Inflows could point out intention to promote, outflows could point out intention to carry.
In September 2021, The People’s Bank of China (PBoC) indicated that each one crypto-related actions are unlawful in the nation. Following this pronoucement, main exchanges have stopped operations and seen a dramatic drop in person exercise.
Some of the actions now banned in China embrace:
- Offering buying and selling of digital belongings
- Order matching
- Token issuance
- Crypto derivatives
In addition, abroad crypto exchanges offering providers in mainland China are additionally unlawful, the PBoC stated.
This information nevertheless has not had a drastic impact on bitcoin held on crypto held on exchanges.
The announcement by the Chinese Central Bank was meant to “minimize off fee channels, dispose of related web sites and cell purposes in accordance with the regulation.”
The information nevertheless led to the value of bitcoin falling to about $40, 000.