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).
Exchanges are the biggest #HODLers 💼— TokenAnalyst (@thetokenanalyst) October 8, 2019
6.7% (~$9.8B) of all #BTC in circulation is currently held on exchange wallets
Through price rallies & crashes, we see that the stockpile of $BTC on exchange wallets has consistently been increasing.
More info - https://t.co/mZE95eHagc pic.twitter.com/saWWLmJKNT
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.
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!