- Santiment has noted that the cohort of participants in this market has reached a new all-time high, and they currently hold 41.1% of the available supply.
- In contrast, whales—defined as those holding assets between 100 and 100,000 BTC—have reduced their holdings to 55.5% since May.
- Binance, one of the world’s largest cryptocurrency exchanges, leads the pack with approximately 543,892 BTC in reserves.
As Bitcoin investors continue to accumulate, changes in BTC supply on exchanges are being observed, with increased outflows from Binance!
Bitcoin Investors Continue to Accumulate
The distribution of Bitcoin ownership is a critical indicator of market dynamics. According to Santiment’s recent analysis, interesting changes in Bitcoin ownership models have emerged, shedding light on evolving dynamics within the crypto market.
Bitcoin non-whale addresses are primarily defined as those holding less than 100 BTC. Santiment noted that this cohort of market participants has reached a new all-time high and currently holds 41.1% of the available supply. This indicates increasing interest in Bitcoin among retail investors and smaller players in the market, and this trend has been developing steadily over time.
In contrast, whales—those holding assets between 100 and 100,000 BTC—have reduced their holdings to 55.5% since May. The activity of whales has historically played a significant role in Bitcoin’s price movements.
Meanwhile, CryptoQuant’s chart shows a continuous decline in Bitcoin leaving exchanges since July 2021. According to the latest data, there are only two million BTC left on exchanges. The reduction in Bitcoin assets on exchanges can be seen as a sign that more investors prefer to hold their assets in private wallets, which is often associated with long-term bullish market sentiment.
Bitcoin Balances and Outflows on Exchanges
Taking a deeper dive into exchange data, CoinGlass’s Bitcoin Exchange Balances tracker displays circulating BTC held by major CEXs (Centralized Exchanges) worldwide. Binance, one of the world’s largest cryptocurrency exchanges, leads the way with approximately 543,892 BTC in reserves. However, Binance has experienced a significant outflow of Bitcoin in the past month, indicating a shift towards self-custody solutions.
Coinbase Pro, despite experiencing a net outflow of 210 BTC during the same period, closely follows with 436,235 BTC. Similarly, Bitfinex holds 368,856 BTC, with an outflow of over 5,183 BTC in the past month.
An interesting outlier in these exchange balance data is OKX, which has recorded a significant influx of Bitcoin in the last 30 days. OKX has received 4,642 BTC while holding 124,017 BTC. This unique influx suggests a specific market dynamic around OKX and may indicate its ability to attract new traders or investors.
