Trading Platforms

ETH Continues to Leave Trading Platforms, Ethereum Balance on Exchanges Lowest in 3 Years

19/03/2022 by Idelto Editor

While the second-largest crypto asset by market cap has gained more than 15% in value against the U.S. dollar during the last week, the number of ethereum stored on exchanges has dropped significantly during the last few weeks. In less than two years, more than 29% of the ether held on exchanges has left centralized trading platforms and since December 2021, roughly 5.89% or 1.51 million ether has left exchanges.

Number of Ethereum on Exchanges Continues to Drop

Seven days ago, Bitcoin.com News reported on the number of bitcoin (BTC) held on exchanges and how the metric dropped to the lowest point in three years. Interestingly, the same trend has been happening with the number of ethereum (ETH) stored on exchange platforms.

At the time of writing, the amount of ethereum stored on exchanges today is 24.09 million ethereum worth $71.3 billion. The quantity or the number of ether kept on exchanges today is the lowest amount since December 1, 2018, or just over three years ago.

Statistics from cryptoquant.com’s exchange balance data show during the first week of August 2020, there was more than 34.2 million ethereum stored on exchange platforms. At that time in 2020, ETH was exchanging hands for $375 per token which means trading platforms held $12.8 billion worth of ethereum.

Using today’s exchange rates, the 34.2 million equates to more than $101 billion worth of ethereum (ETH). From that point in time up until today, 29.56% of the 34.2 million left exchanges.

In fact, since December 2021, 5.89% of the number of ethereum held on exchanges (25.6 million ether at the time) have left the centralized trading platforms. Data collected by Bituniverse, Peckshield, Etherscan, and Chain.info indicates that on March 19, 2022, Binance holds 3.59 million worth of ethereum (ETH) valued at $10.5 billion.

Huobi Global holds 2.13 million ether worth $6.25 billion, Kraken stores 2.27 million ether worth $6.6 billion and Okex commands 364,630 ether worth $1 billion today.

The current data that shows ethereum (ETH) leaving exchanges is a good sign for supporters as it indicates users are leveraging non-custodial storing solutions. With less ETH held on exchanges, selling pressure also dwindles and makes liquidity shrink on exchanges as well.

Additionally, a large number of ethereum is now being dedicated to staking solutions, and the recent downfall of ethereum exchange balances suggests significant quantities of ether may be dedicated to staking operations.

What do you think about the balances of ethereum on exchanges today and how they are currently at the lowest point in three years? Let us know what you think about this subject in the comments section below.

Bitcoin Exchange Reserves Drop to Lowest Point in 3 Years

12/03/2022 by Idelto Editor

Bitcoin Exchange Reserves Drop to the Lowest Point in 3 Years

The number of bitcoin held on exchanges has continued to drop in recent times as the metric suggests crypto advocates are pulling funds off of trading platforms for long-term holding. At the time of writing, 2.32 million bitcoin worth over $90 billion is held on centralized cryptocurrency exchanges.

Since This Time Last Year, Large Sums of Bitcoin Continue to Be Withdrawn from Centralized Exchanges

Bitcoin is being pulled off exchanges in greater numbers these days, as the metric shows the amount — 2.32 million bitcoin (BTC) held today — hasn’t been this low in over three years. In fact, three years ago in March, the number of BTC stored on various trading platforms was larger, with roughly 2.73 million bitcoin held. Moreover, the day after the infamous ‘Black Thursday’ on March 11, 2020, exchanges held just over three million BTC, according to cryptoquant.com’s metrics.

During the last few weeks, crypto asset prices have been lower and exchange balance metrics really started to slide in August 2021. Today, Coinbase is the largest balance holder in terms of bitcoin with 853,530 BTC according to Bituniverse stats. Bituniverse leverages data from peckshield.com, chain.info, and etherscan.io. The Transparent Balance Rank tool also measures ethereum (ETH) and tether (USDT) balances.

Below Coinbase’s balance, Binance holds $18.94 billion in crypto assets. Binance has more than 340,000 BTC according to current metrics and 3.59 million ETH as well. Moreover, Binance holds 1.24 billion of the stablecoin crypto-asset tether. Below the $44.5 billion held by Coinbase and the stashes held by Binance, is Huobi Global’s coffers with $16.12 billion in crypto reserves. Huobi wallets indicate the exchange holds more than 160,000 BTC and 2.13 million ethereum.

Crypto funds leaving exchanges is often seen in the crypto space as a good sign for two reasons. For one, the trend suggests that owners are not willing to sell their bitcoin at this time. This means there are fewer funds on the market for whales to dump and it also makes liquidity dry up. Furthermore, in the world of cryptocurrency assets, the golden rule is to hold your own keys and the trend could also suggest users are taking that advice more seriously.

What do you think about the balances of bitcoin on exchanges today and how they are currently at the lowest point in three years? Let us know what you think about this subject in the comments section below.

BTC Liquidity Tightens as Bitcoin Held by Exchanges Hits 6-Month Low

14/02/2022 by Idelto Editor

While the price of bitcoin is 38% lower than its $69K price high three months ago, the amount of bitcoin on exchanges is at its lowest figure since April 2021. At the end of July last year, there was 2.59 million bitcoin held by crypto trading platforms, and today there’s only 2.36 million held by exchanges, which means there’s 8.8% fewer bitcoin on exchanges than six months ago.

Bitcoin Exchange Reserves Drop 8% Lower Than the Bitcoin Held on Exchanges 6 Months Ago

According to current statistics, there’s 2.363 million bitcoin, or $100 billion worth, of the leading crypto asset held on exchanges. The current value of the bitcoin (BTC) held by centralized exchanges equates to 12.36% of BTC’s overall $809 billion market capitalization.

While 2.363 million is a significant fraction, it’s 8.88% less than the number of bitcoins held on exchanges on July 25, 2021. Too many crypto market participants, and the fact that there’s less BTC on exchanges means less selling pressure going forward.

Metrics indicate that the last time bitcoin exchange reserves were this low was ten months ago, back in April 2021. Combined statistics from Bituniverse, Peckshield, Etherscan, and Chain.info show that the exchange Coinbase holds the most bitcoin (BTC) today with 853,530 BTC held in reserves.

The value of Coinbase’s BTC holdings equates to 35% of the current $100 billion worth of BTC held on exchanges. Binance is the second-largest bitcoin holder, in terms of exchanges, with 339,870 BTC worth $14.5 billion using current bitcoin exchange rates.

Ethereum Exchange Reserves Plummet, Miners Sell Holdings

Meanwhile, the same can be said about the number of ethereum (ETH) held on centralized exchanges. Data from cryptoquant.com shows there’s 17 million ether held on exchanges today, but that amount has been sliding significantly since May 2021. In May last year, crypto exchanges held 21.9 million ethereum.

This means roughly 22.37% of the ETH held on exchanges has left the market environment for alternative solutions. On the other hand, much of the ETH that has left centralized exchanges since last May could have been transferred to decentralized exchange (dex) platforms.

Currently, the most active crypto exchange in terms of ether trade volume, Binance, holds 3.59 million ETH in reserves. While less BTC and ETH on exchanges could lead to less selling pressure, metrics show that BTC miners have been selling bitcoin.

Miner holdings, according to Glassnode data, went negative on February 5, 2022, for the first time in two months. At the time of writing, cryptoquant.com statistics indicate there’s roughly 1.86 million BTC held by mining entities.

What do you think about the number of bitcoin held on crypto exchange trading platforms? Let us know what you think about this subject in the comments section below.

Low Volumes Across Crypto Spot Markets and Derivatives Indicate Bearish Conditions

23/01/2022 by Idelto Editor

Down Volumes Across Crypto Spot Markets and Derivatives Indicate Bearish Conditions

Digital currency markets have slipped significantly in value during the last two weeks and the lower prices have not sparked higher trade volumes. Data shows cryptocurrency spot market volume has slipped from $1.4 trillion in November 2021, to this month’s $593 billion in volume. Bitcoin futures open interest and volumes have dropped considerably over the last two months as well.

Crypto Volumes Slide Month-Over-Month Since November

When crypto markets shed significant value, traders typically look to see if trade volume increases in order to support the current prices. Since a number of coins tapped all-time high prices during the second week of November, crypto spot market volume has continued to slide.

Data from theblockcrypto.com’s exchange volume dashboard, which sources data from cryptocompare.com metrics, indicates spot market volume has fallen month-over-month since November.

While November saw $1.4 trillion, December saw a recorded $1.04 trillion. While data is incomplete for the month of January 2022, so far $593 billion in volume has been settled.

Even though November’s spot market volume was larger than December’s and the three weeks of January, the $2.23 trillion in volume recorded in May 2021 was double the size. Daily exchange volume has followed the same pattern as daily crypto trade volumes are lower than they were two months ago.

On November 2, 2021, $53.27 billion was settled that day, while data from January 22, 2022, shows $24.65 billion. While monthly and daily crypto-asset spot market volumes have dipped, the same can be said for derivatives markets like futures and options.

When BTC tapped an all-time price high on November 10, 2021, the following day $28 billion in bitcoin futures open interest was recorded. January 22 metrics indicate $14.64 billion in open interest was recorded across a slew of bitcoin futures exchanges.

Regarding bitcoin futures volumes, they were higher in October than they were in November. $1.94 trillion was recorded last October and this month, there’s only been $1.08 trillion recorded so far. Aggregated open interest and volumes tied to bitcoin options have also dropped month-over-month for the last two months.

For the most part, the low volumes across crypto spot markets and derivatives have affected the crypto economy negatively. Up volume typically indicates bullish trading, but that hasn’t been the case in recent times.

What do you think about the volume downturn in crypto markets in recent times? Let us know what you think about this subject in the comments section below.

13 Crypto Exchanges Custody 7% of the Crypto Economy, Coinbase Dominates With $56.2B AUM

02/01/2022 by Idelto Editor

As 2022 begins, 13 different cryptocurrency exchange platforms have more than a billion dollars each in digital currencies held in reserves. Between all 13 trading platforms, the group of exchange platforms hold a whopping $165.25 billion worth of bitcoin, ethereum, and tether.

13 Crypto Exchanges Hold a Billion or More in Crypto Equalling Over $165 Billion in Assets Under Management

At the time of writing, the crypto economy is worth $2.3 trillion and 7.10% of the aggregate or $168 billion is made up of stablecoins. Furthermore, statistics on January 2, 2022, indicate that 13 crypto-asset trading platforms hold a billion dollars or more in cryptocurrencies.

The 13 exchanges include Coinbase, Binance, Huobi Global, Kraken, Okex, Gemini, Bitfinex, Bittrex, Bitflyer, Coincheck, Bitstamp, and Bybit respectively. Coinbase is the leader, in terms of crypto reserves held on Sunday, with $56.2 billion in crypto assets under management (AUM).

$40.27 billion of Coinbase’s reserves is made up of bitcoin (BTC), with 853,530 BTC in custody. The second-largest exchange in terms of crypto AUM is Binance with $24.85 billion today. Binance has 370,390 BTC, 3.59 ETH, and 1.24 billion USDT under custody.

All 13 exchanges hold approximately 165.25 billion in crypto assets on January 2, 2022, which equates to 6.98% of the $2.3 trillion crypto economy. Bybit maintains the 13th position, in terms of crypto reserves, and holds $1.44 billion in digital assets.

10 Crypto Asset Trading Platforms Hold More Than $50 Million, 23 Exchanges Custody Over a Million in Crypto Reserves

Approximately ten crypto-asset exchanges command more than $50 million in crypto AUM. 23 exchanges hold a million dollars or more in crypto AUM and dozens of crypto exchanges have no available reserve data.

This report’s crypto exchange reserve data published on January 2, 2022, at 8:15 a.m. (EST) was recorded by Bituniverse, Peckshield, Chain.info, and Etherscan.

The only organization that surpasses the bitcoin (BTC) reserves Coinbase holds is Grayscale Investment’s Bitcoin Trust (GBTC), and the trust’s 648,069 BTC under custody. The Bitcoin Trust has 3.086% of the 21 million capped bitcoin supply.

Another entity that has more than 100K in BTC assets is Block.one with 140,000 BTC under management, while the publicly-listed company Microstrategy holds 124,391 BTC today. Grayscale, Block.one, and Microstrategy are the only non-exchange entities with 100K BTC or more.

What do you think about the 13 crypto exchanges with $165 billion under management? Let us know what you think about this subject in the comments section below.