- Since the collapse of FTX on November 5, 2022, significant amounts of Bitcoin have been withdrawn from exchanges.
- Just last month, more than 43,301 Bitcoins worth over $1.16 billion were withdrawn from these platforms.
- According to CoinOtag’s recorded data, Binance currently has the largest Bitcoin reserve with 555,435 Bitcoins.
Throughout May, the crypto market remained stable with a valuation just over $1 trillion. Over the past 30 days, both Bitcoin and Ethereum prices have remained relatively stable. However, recent data shows that significant amounts of BTC and ETH have been withdrawn from exchanges.
Bitcoin Reserves on Exchanges are Decreasing
As of May 21, 2023, centralized crypto exchanges hold 57.29 billion dollars worth of Bitcoin, which is equivalent to 10.99% of Bitcoin’s market value. However, since the collapse of FTX on November 5, 2022, significant amounts of Bitcoin have been withdrawn from exchanges. Prior to this event, centralized exchange platforms held a total of 2.5 million Bitcoins. Just last month, more than 43,301 Bitcoins worth over $1.16 billion were withdrawn from these platforms.
Bitcoin Reserves on All Exchanges
According to CoinOtag’s recorded data, Binance currently has the largest Bitcoin reserve with 555,435 Bitcoins. However, over the past 30 days, the exchange has experienced an outflow of approximately 10,102 Bitcoins. Coinbase ranks second with 486,630 Bitcoin reserves and recorded an increase of approximately 316 Bitcoins last month. Bitfinex, the third-largest exchange in terms of BTC assets, showed a slight increase of around 339 Bitcoins during the same period.
Binance and Bitfinex control the largest Bitcoin wallets according to their rich lists. The top ten wallet owners control 5.37% of the total Bitcoin supply, and two of these wallets belong to Binance. Over the past 30 days, 2,842 BTC were withdrawn from the OKX platform, and Gemini’s Bitcoin reserves decreased by 1,958 BTC. Kraken also experienced an outflow of 823 BTC last month.
Decrease in ETH Reserves in Addition to Bitcoin
In addition to Bitcoin, data shows that centralized crypto exchange platforms experienced significant outflows of Ethereum last month. While there were 16.60 million Ethereum on exchanges just 30 days ago, this number has now dropped to approximately 16.26 million. This means that approximately 340,000 Ethereum (valued at $613.71 million) were withdrawn from exchanges last month. When combined with the Bitcoin outflow, the two largest crypto assets worth $1.77 billion were withdrawn from these platforms.
