Exchanges Witness $1.77B BTC, ETH Outflows
The crypto market has stayed stable throughout May, with a capitalization just around $1 trillion. Bitcoin and ethereum prices have stayed reasonably constant over the last 30 days. However, new data shows that a large quantity of bitcoin has been taken from exchanges in the last month, with 43,301 BTC worth $1.16 billion leaving centralised trading platforms. According to research, a big number of prominent cryptocurrency exchanges have seen a huge outflow of bitcoin.
Centralised crypto exchanges held $57.29 billion in bitcoin as of May 21, 2023, amounting to 10.99% of the largest cryptocurrency’s market capitalisation. However, following FTX’s demise on November 5, 2022, a considerable sum of BTC has been removed from exchanges. According to Cryptoquant data, centralised trading platforms controlled 2.5 million bitcoin before to this event. In the last month alone, 43,301 BTC worth over $1.16 billion have been removed from these services.
Binance presently has the greatest bitcoin reserve, according to coinglass.com, with a balance of 555,435. However, the exchange has seen an outflow of around 10,102 BTC in the last 30 days. Coinbase is second, with 486,630 bitcoin in reserves, and has seen a slight gain of roughly 316 BTC in the last month. Bitfinex, the third largest exchange by BTC holdings, saw a modest increase of roughly 339 BTC within the same time period.
It’s worth mentioning that Binance and Bitfinex hold the top two spots for the largest bitcoin wallets, according to BTC’s rich list metrics.
(With inputs from Shikha Singh)
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