25 Oct 2021
Bitcoin balance on exchanges sees further declineThe global BTC exchange balance declines further, reaching a new three-year low after seeing a 27,500 BTC decline in the last week.
The balance on exchanges has declined to 2.44 million BTC, marking a new three-year low after falling 27,500 BTC in the last seven days. 2.44 million BTC is equal to 12.94% of the circulating supply. Relative to the circulating supply, the bitcoin balance at exchanges sits at levels not seen since January 2018. This could suggest that the demand to sell is low at the moment, with few investors seeking to move bitcoin from cold storage to exchanges in order to realize gains with bitcoin trading at all-time highs. Binance has seen the sharpest decline in absolute terms in the last seven days, with the BTC balances on the exchange falling 21,000 BTC in the last week, according to Glassnode. Also, Huobi experienced a large decline in their BTC balances in the last week as the exchange saw their total exchange balances plummet by 9%, netting 8000 BTC withdrawn from the exchange. According to Glassnode’s data, 29% of the global exchange reserves of bitcoin are held by Coinbase, whereas Binance holds 21%. Gemini is the third-largest BTC holder accounting for 12% of the global exchange balances. One important nuance to be aware of is that FTX is missing from this metric.