According to data from the past 40 days, the San Francisco crypto exchange and custody service Coinbase has experienced withdrawals totaling 12,585 BTC since June 1. Meanwhile, Binance has reported inflows of approximately 30,082 BTC during the same period. Despite these shifts, centralized exchanges have seen 70,966 BTC, valued at $4 billion, withdrawn over the last eight days.
Bitcoin Reserves on Exchanges Drop to Lowest Levels Since Nov. 2018
Metrics indicate a substantial outflow of bitcoin (BTC) from exchanges on the eve of the July 4 holiday. Data from cryptoquant.com reveals that reserves on centralized exchanges dropped from 2,848,539 BTC to 2,777,573 BTC. This marks the lowest level of BTC reserves since Nov. 2018. Between July 3 and today, 70,966 BTC, valued at $4 billion, exited exchanges.
Among the exchanges, Coinbase experienced an outflow of 12,585 BTC over the last 40 days, despite inflows from the German government. Arkham Intelligence data shows Binance saw its BTC holdings rise from 642,528 BTC on June 1 to 672,610 BTC after acquiring an additional 30,082 BTC. Similarly, Robinhood’s crypto unit increased its holdings from 139,462 BTC on June 1 to 143,463 BTC, a gain of 4,001 BTC, according to Arkham.
Fidelity Digital Custody has been significantly withdrawing BTC from exchanges, now holding 292,224 BTC. Notably, Fidelity Digital Assets does not use Coinbase for its exchange-traded fund (ETF) holdings, with 174,436.78 BTC attributed to its ETF, FBTC. Cryptoquant.com data also shows that miners have reduced their holdings by 2,368 BTC since June 29. Market makers and over-the-counter (OTC) desks, including Flow Traders, Cumberland, and Wintermute, have all experienced notable BTC reserve growth over the past month.
The consistent withdrawals from exchanges over the past year suggest a long-term holding strategy among BTC’s market participants. Meanwhile, the significant inflows to platforms like Binance and Robinhood demonstrate continued confidence in centralized exchanges during periods of high trading activity, particularly as BTC remains below the $60,000 mark after several weeks of maintaining that level.
Source:- Bitcoin.comNews