BTC $42544.76 (2.62%)
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BTC $42544.76 (2.62%)
ETH $2912.70 (3.03%)
USDT $1.00 (0.03%)
BCH $514.44 (3.91%)
BSV $135.10 (1.80%)
LTC $151.40 (2.89%)
BNB $350.69 (2.79%)
ADA $2.36 (8.33%)
DOGE $0.20 (2.42%)

Bitcoin Balance Drops to -7% on Crypto Exchanges

Bitcoin Balance Drops to -7% on Crypto Exchanges
  • Bitcoin drops its reserve to -7% on crypto exchanges.
  • Bitcoin was seen to exit major crypto exchanges like Coinbase and Huobi.
  • Crypto exchanges lost almost 200,000 BTC from March to September 2020.

Bitcoin (BTC) enters the year 2020 with a good market capitalization, maintaining its position as the top digital asset in the crypto world. Despite the market depression, the coin was able to prove its price stability, which is one of the reasons why the crypto is still one of the most favorite and actively-traded coins in crypto exchanges.

Bitcoin balance declines to 2.7 million

Bitcoin Balance on All Exchanges (Source: Glassnode Studio)
Bitcoin Balance on All Exchanges (Source: Glassnode Studio)

Based on the graph above, Bitcoin’s total number in the exchanges last February reached almost 3 million BTC. This overall number of Bitcoin kept in different exchanges is so far the highest volume of Bitcoin in crypto exchanges ever recorded this year.

However, the rising figures of Bitcoin in the exchanges failed to maintain its uptrend position. Following the Crypto Black Thursday event, the total Bitcoin balance inside exchanges started to decline, going down to almost 2.9 million at first.

This downtrend position continues to be observed as months go by. By September, its digits fell to nearly 2.7 million, which is a -6.90% decline rate from the March value.

Bitcoin exits major crypto exchanges

Bitcoin Balance on Exchanges (Source: Glassnode Studio)
Bitcoin Balance on Exchanges (Source: Glassnode Studio)

On the other hand, the chart above further shows how much bitcoins are lost inside the crypto world’s top exchanges. On the top of the list is Coinbase. In February, Coinbase had over 970,000 BTC on its platform that dropped to almost 920,000 in September.

Another exchange that suffered a major loss in terms of Bitcoin reserves is Huobi. The exchange recorded a loss of 100,000 volumes of Bitcoin. It is said to have an estimated 400,000 Bitcoin reserved, which plummeted to almost 300,000 in September as well.

Many factors can cause the decline rate of Bitcoin reserves that have been experienced by the exchanges recently. One of them may be diversification of crypto portfolios as the DeFi scene keeps on growing.

Regardless, Bitcoin continues to be one of the most trusted digital assets by investors and has been predicted to reach trillions in market capitalization in the years to come. By 2021, BTC price is expected to increase as a result of its post-halving bull rally.

Read Also: Bitcoin Market Cap to Surge Trillions in 5-10 Years

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