Forex and Crypto News

Exchanges keep a minimum of cryptocurrencies on their balance

10:15 29 June /2020

Attempts by Bitcoin to rise above $10000 remain unsuccessful. The price continues to decline and came close to $9000. At the same time, the number of Bitcoin on cryptocurrency exchanges reaches its minimum values. Exchanges recorded a 13-month low of Bitcoin.

According to the Glassnode chart, Bitcoin's balance is at a 13-month low. To date, 2,629,751.011 BTC remains on the exchanges. 13 months ago, this figure was 2 632 324 478 BTC.

Source – glassnode studio

The largest number of Bitcoins on its balance has the Coinbase cryptocurrency exchange, 953 192.845 BTC. Huobi has a little less on its balance sheet, 363,646,936 BTC. And the largest cryptocurrency exchange Binance has only 268 864,360 BTC in its balance sheet.

Bitcoin balance of such exchanges as Poloniex and Gemini does not even reach 100k Bitcoins. They hold 48,801.34BTC and 89,668.13BTC respectively.

Source – glassnode studio

The balance of Ethereum is also declining on exchanges. True, this indicator is more modest than that of Bitcoin. The number of Ethereum on exchanges reached a 3-month low, 17,701,959.503 coins.

Source – glassnode studio

Analysts say this is a positive signal. This means that hodlers keep Bitcoins and Ethereum in their wallets in anticipation of the price increase of these assets. This situation was observed in 2017 before the huge rally in Bitcoin prices. Then the number of cryptocurrencies on the exchanges was minimal, and the price of Bitcoin was also minimal.

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