Crypto Exchanges Continue to Increase Their Bitcoin Holdings Despite Price Volatility: TokenAnalyst Study

Libra Coin News
Tue, 10/08/2019 - 18:31
Alex Dovbnya
Cryptocurrency exchanges appear to be the most disciplined Bitcoin holders as their stockpiles continue to mount
Cover image via U.Today

According to a study conducted by cryptocurrency research firm TokenAnalyst, the amount of Bitcoin held by the biggest cryptocurrency exchanges has been steadily growing for the past two years.

As of now, the top exchange wallets are responsible for holding 6.7 percent of all BTC in circulation (about $9.8 bln at current prices).  

The specified time period includes the 2018 bear market that ended with Bitcoin bottoming out at $3,100 last December (a world of difference compared to Bitcoin's all-time high of $20,000 that was recorded the year prior). The top exchanges kept stacking stats despite these wild price swings

$1 Bln Worth of Bitcoin Moved to Unknown Wallet. Some Suggest It Could Be Bakkt Warehouse

According to data provided by BitInfoCharts, the four biggest exchange wallets are owned by cryptocurrency exchanges. Binance and Huobi are in the nine-digit territory with both them having more than $1 bln in their coffers.  

Is this bullish for BTC? Share your take in our comment section!    


About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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