$1.77B Bitcoin and Ethereum Leave Crypto Exchanges in Just 30 Days

$1.77B Bitcoin and Ethereum Leave Crypto Exchanges in Just 30 Days

Recent data reveals a significant amount of bitcoin has been withdrawn from exchanges, with 43,301 BTC, valued at $1.16 billion, leaving centralized trading platforms in the past month, despite the steady valuation of the crypto market above the $1 trillion mark.

Throughout May, the cryptocurrency market has remained steady, with a valuation just over the $1 trillion mark. In the previous 30 days, both Bitcoin (BTC) and ethereum prices have remained relatively stable. Nonetheless, recent data outlines a whole lot of amount of Bitcoin (BTC) has been withdrawn from exchanges, with 43,301 BTC, valued at $1.16 billion, leaving centralized platforms of trading in the past 30 days. A large number of major digital currency exchanges have seen a whole lot of outflow of Bitcoin (BTC), reports by data.

Exchanges Experience Cryptocurrency Exodus Regardless of Steady Market

As of May 21, 2023, centralized cryptocurrency exchanges held $57.29 Billion worth of Bitcoin (BTC), equivalent to 10.99 percent of the leading digital currency’s market cap. Nonetheless, since the collapse of FTX Trading Ltd on November 5, 2022, a whole lot of amount of BTC has been withdrawn from exchanges. Prior to this event, Cryptoquant data shows centralized platforms of trading held 2.5 Million bitcoin. In the past 30 days alone, 43,301 BTC, valued at over $1.16 billion, have left these platforms.

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Reports by data recorded by coinglass.com, Binance Crypto exchange as of now holds the largest Bitcoin (BTC) reserve, with a balance of 555,435 on Sunday evening. Nonetheless, in the previous 30 days, the exchange has experienced an outflow of approximately 10,102 BTC. Coinbase Crypto exchange comes in Second place with 486,630 Bitcoin (BTC) in reserves, and saw a modest increase of around 316 BTC in the past 30 days. Bitfinex, the third largest exchange in terms of BTC holdings, likewise experienced a slight increase of around 339 BTC during the same period.

It’s worth mentioning that Binance Crypto exchange and Bitfinex hold the top two spots for the largest Bitcoin (BTC) wallets, reports by BTC’s rich list metrics. The rich list data outlines that the Top 10 wallet holders control 5.37 percent of BTC’s supply, with two of them being Binance-controlled wallets. In the past 30 days, Okx has seen 2,842 BTC leave its platform, and Gemini’s Bitcoin (BTC) reserve stash has lost 1,958 BTC. Kraken likewise experienced an outflow of 823 BTC in the past month.

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Along with Bitcoin (BTC), Cryptoquant data shows centralized cryptocurrency platforms of trading have likewise experienced a whole lot of outflow of ethereum leaving their exchanges in the previous 30 days. Just 30 days ago, exchanges held 16.60 Million ether, but today that number has  dropped to around 16.26 Million. This implies that approximately 340,000 ether, valued at $613.71 Million, has left exchanges in the the previous  30 days alone. And once combined with the outflow of Bitcoin (BTC), $1.77 Billion of the top two digital assets has left these platforms.


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