13 Aug 2024
The Amount of Bitcoin on Exchanges Drops to a 5-Year Low
Since July, nearly $6 billion worth of Bitcoin has been withdrawn from centralized crypto exchanges (CEX), amounting to 99,308 BTC, according to CryptoQuant's analysis. Currently, 2.68 million BTC, equivalent to $161 billion, are held on CEXs—the lowest level since November 2018.
The decline in Bitcoin reserves on exchanges has been ongoing since mid-2022, coinciding with the collapse of the FTX exchange. This incident highlights investors' growing interest in non-custodial solutions for storing the primary cryptocurrency. FTX's founder, Sam Bankman-Fried, was sentenced to 25 years in prison and fined $11 billion after being found guilty.
Coinbase holds the largest amount of Bitcoin, with over 840,000 BTC (around $50 billion) as of August 12. Binance follows with more than 626,000 BTC, valued at $37.4 billion. Bitfinex ranks third, holding over 401,000 BTC ($24 billion).
