CryptoRank: Exchanges hold 6.5% of Bitcoin’s circulating supply

About 1.3 million BTC are held on addresses of centralised exchange platforms — 6.5% of the total circulating supply. According to CryptoRank analysts, the majority of these coins (over 44%) are stored in Coinbase’s exchange wallets.

📈Crypto Exchanges Hold 6.2% of #Bitcoin Circulating Supply@Coinbase — 583K BTC@Binance — 329K BTC@Bitfinex— 193K BTC@OKEx — 57K BTC@Bitflyer — 48K BTC@BittrexExchange — 39K BTC
Other exchanges — 67K #BTC

👉https://t.co/nYhYMYoYXp pic.twitter.com/itrMohLyss

— CryptoRank Platform (@CryptoRank_io) December 23, 2021

According to CryptoRank, Coinbase wallets hold 583,000 BTC. Binance is in second place with 329,000 BTC (nearly 25% of the circulating supply), and Bitfinex is third with 193,000 BTC (16.63%).

Analyst reports indicate a decline in CEX balances over the past two years. In July 2021, their wallets held 1.53 million BTC (7.3% of the supply), in October 2020 — 1.76 million BTC (9.5%).

Glassnode data confirm this trend, though numbers across services vary widely. According to the latest, more than 2.54 million BTC are held in centralised exchange wallets. The figure corresponds to the autumn 2018 level.

A similar outflow of funds is observed for Ethereum addresses on centralised exchanges. According to Glassnode, their balances stand at 14.27 million ETH — a figure last seen in November 2018.

Since Bitcoin’s creation the volume of value transferred through its blockchain has reached $8.89 trillion. In this metric, the total value of the “profitable coins” amounted to $5.1 trillion, and the “unprofitable” ones — $3.79 trillion.