Major Supply Of Bitcoin Circulating Supply Is Held By 5 Centralized Exchanges.

Major Supply Of Bitcoin Circulating Supply Is Held By 5 Centralized Exchanges.

2020-10-15 | Robin Williams

Major Supply Of Bitcoin Circulating Supply Is Held By 5 Centralized Exchanges.

Over 10.5% of the entire Bitcoin [BTC] circulating supply is presently held on just 5 centralized exchanges, consistent with data published by Chain.info.

Above 1.96 Mln BTC is presently held between the leading exchanges Coinbase, Huobi, Binance, OKEx, and Kraken.

Likely due to its custody services, Coinbase holds the foremost, with 944,904 BTC presently spread across approximately 4.39 Mln different wallet addresses.

Huobi ranks at 2nd position with 323,665 BTC held in roughly 901,600 unique wallets, followed by Binance exchange with 289,961 BTC across nearly 2.7 Mln addresses. OKEx exchange has 276,184 BTC in 339,000 wallets, while on the other hand, Kraken holds 126,510 Bitcoin among 672,000 addresses.

The next 7 exchanges - Bitflyer, Bittrex, Bitfinex, Poloniex, Coincheck, Gate.io, along with Bitstamp - hold an additional 210k Bitcoins between them.

The data reveals that a lot of users still prefer to accept security risks related to holding a big portion of their holdings on centralized exchanges in spite of cryptocurrency’s fundamental ethos of decentralization and mantra of "not your keys, not your Bitcoin".

The percentage of the Bitcoin supply held on the 5 centralized exchanges may very well add up to significantly over 10%, with Chainalysis recently estimating that the 3.7 Mln BTC that haven't been moved in more than 5 years are likely lost. If that’s true, then nearly 15% of Bitcoin’s supply is presently held across 5 centralized platforms.

Leave a comment

Your email address will not be published. Required fields are marked *

Top 7 cryptocurrency overview



Best trading tool for cryptocurrency

2022 Top cryptocurrency Price Prediction List