Bitcoin Bulk Up, Ethereum Eases Off in Latest Crypto Exchange Reserve Trends
Recent data from cryptoquant.com reveals a surge in bitcoin deposits and a decline in ether holdings on major crypto exchanges. On December 4, 2023, exchanges held 2,058,106 BTC, which has since increased by 1.55% to a current total of 2,090,164 BTC. This indicates an accumulation of 32,058 BTC, valued at $1.4 billion, within the last month.
Binance is identified as the top custodian of BTC, followed by Coinbase and Bitfinex. Binance holds 555,700 BTC worth $24.43 billion, while Coinbase has approximately 412,467 BTC and Bitfinex oversees 390,050 BTC. Together, these exchanges safeguard $59.71 billion in BTC, accounting for 64.98% of the total BTC held on exchanges.
In contrast, there has been a decline in ether reserves. 262,904 ETH, totaling $597.42 million, was withdrawn from centralized trading venues. The total ETH held on exchanges decreased from 14,226,502 to 13,963,598. Additionally, there has been a significant influx of ERC20 stablecoins into centralized trading platforms.
The total amount of ERC20-based stablecoins held on crypto exchanges increased from 17.79 billion to 18.76 billion, reflecting a $970 million increase. Binance holds a substantial quantity of stablecoins, including USD Tether (USDT) and a dominant share of TUSD, BUSD, and FDUSD supplies.
Hot Take: Reshaping the Crypto Landscape
The fluctuations in crypto exchange reserves for BTC, ETH, and ERC20 stablecoins are indicative of the evolving cryptocurrency market. Leading platforms like Binance, Coinbase, and Bitfinex continue to hold significant bitcoin reserves, while the movements of ether and stablecoins highlight changing trends in the digital currency landscape.
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