Balances in Crypto Exchanges Represent 6.3% of Total BTC Supply
Around 1.3 million Bitcoins are listed on exchanges at the moment, the CryptoRank team has said in a statement. This volume accounts for 6.3% of the BTC total market supply.
In October 2020, the amount of Bitcoins stored in exchanges amounted to 9.5% of the supply of digital currency. Already in July 2021, this figure dropped to 7.3%, then the decline continued.
Coinbase holds the first place among the trading platforms in terms of the number of placed Bitcoins. Its wallets hold 583,000 coins.
Binance comes in second with 329,000 Bitcoins, while Bitfinex closes the top three with 193,000 BTC.
In the long term, a reduction in the balance of a cryptocurrency in exchanges should contribute to an increase in the value of the asset.
The flow of digital currency to marketplaces has been falling over the past few weeks. Investors are less likely to send coins to exchanges and prefer to store them in offline wallets to keep them in a safer place.
