{"id":27,"date":"2022-07-11T01:09:27","date_gmt":"2022-07-11T01:09:27","guid":{"rendered":"http:\/\/live-script.xyz\/despite-the-price-drop-number-of-bitcoin-held-on-exchanges-continues-to-slide\/"},"modified":"2022-07-11T01:09:27","modified_gmt":"2022-07-11T01:09:27","slug":"despite-the-price-drop-number-of-bitcoin-held-on-exchanges-continues-to-slide","status":"publish","type":"post","link":"https:\/\/live-script.xyz\/despite-the-price-drop-number-of-bitcoin-held-on-exchanges-continues-to-slide\/","title":{"rendered":"Despite the Price Drop, Number of Bitcoin Held on Exchanges Continues to Slide"},"content":{"rendered":"
Roughly 49 days ago, the number of bitcoin held on exchange was around 2.503 million, according to statistics recorded by cryptoquant.com. Since then, $4.76 billion worth of bitcoin has been removed from centralized crypto exchanges, as there\u2019s 2.275 million held on trading platforms today. Glassnode reported on July 5, that despite bitcoin\u2019s \u201cweak price-action through June, bitcoin has been withdrawn from exchanges at the most aggressive rate in history.\u201d<\/strong><\/p>\n At 2:00 p.m. (ET) on Sunday afternoon, bitcoin\u2019s (BTC<\/a>) 24-hour price range has been between $21,888 to $20,710 per unit, according to coingecko.com\u2019s market statistics. Currently, BTC<\/a> is down 69% lower<\/a> than the all-time high recorded on November 10, 2021, when the leading crypto asset reached $69K per unit.<\/p>\n A large portion of BTC<\/a>\u2019s losses took place during the last month as statistics indicate that 30.4% of bitcoin\u2019s drop in USD value happened during the 30-day period. While prices have been gloomy, there\u2019s also been significant liquidations and crypto exchange operations halting withdrawals. This has arguably injected a lot of fear into the crypto economy and even though prices are low, lots of bitcoin moved off exchanges.<\/p>\n Five days ago, the analytics team from Glassnode reported on July 5, that \u201cbitcoin has locked in one of the worst monthly price performances in history, with prices trading down -37.9% in June. Bitcoin has seen a near-complete expulsion of market tourists, leaving the resolve of HODLers as the last line standing,\u201d the firm explained<\/a> last Tuesday.<\/p>\n Glassnode further detailed<\/a> how there was a massive amount of BTC<\/a> removed from centralized trading platforms in June. \u201cDespite weak price-action through June, bitcoin has been withdrawn from exchanges at the most aggressive rate in history,\u201d Glassnode said. \u201cTotal exchange outflows in June peak at -151K BTC<\/a>\/month, with Shrimp and Whales as main receivers,\u201d the analytics team added.<\/p>\n Bitcoin.com News reported<\/a> on May 22, 2022, that the number of bitcoin held on exchanges has been dropping lower and hitting lows not seen since 2020. At the time, there was 2.503 million BTC<\/a> on exchanges according to cryptoquant.com metrics. Today, that number is 9.109% lower than the May 22 statistics as cryptoquant.com data shows 2.275 million BTC<\/a> is currently held on exchanges.<\/p>\n The value of the BTC<\/a> on exchanges in May was around $73.7 billion, and on July 10, 2022, the value of the bitcoin on exchanges is around $47.5 billion. Data from Bituniverse, Peckshield, chain.info, and etherscan indicate that Coinbase is the largest exchange in terms of BTC<\/a> reserves.<\/p>\n The stats from Bituniverse shows Coinbase holds 853,530 BTC<\/a> and the second-largest exchange in terms of BTC<\/a> reserves is Binance with 340,410 BTC<\/a>. Between Coinbase and Binance, both exchanges command more than 52% of the bitcoin held on crypto exchanges today.<\/p>\n What do you think about the number of bitcoin leaving exchanges over the last 30 days? Let us know your thoughts about this subject in the comments section below. <\/strong><\/em><\/p>","protected":false},"excerpt":{"rendered":" Roughly 49 days ago, the number of bitcoin held on exchange was around 2.503 million, according to statistics recorded by cryptoquant.com. Since then, $4.76 billion worth of bitcoin has been removed from centralized crypto exchanges, as there\u2019s 2.275 million held on trading platforms today. Glassnode reported on July 5, that despite bitcoin\u2019s \u201cweak price-action through […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\nBitcoin Reserves on Exchanges Decline From an Aggressive Number of Withdrawals<\/h2>\n