Press "Enter" to skip to content

Coinbase and Huobi exchanges lead Bitcoin volumes

Cryptocurrency

Chain.info, a blockchain data service platform, shows that a total of five exchanges have 10% custody of the circulating supply of BTC

The main centralized exchanges, which lead the first places, are Binance, Coinbase, Huobi, Kraken and OKEx. According to Chain.info, these exchanges collectively represent about 10.6% of all Bitcoin in circulation.

The volume of Bitcoin, maintained by these exchanges, translates to more than 1.96 million. Coinbase tops the list of these mega cryptocurrency exchanges, with a total of 944,904 BTC spread across more than four million unique addresses. It is important to note that Coinbase carries almost three times more Bitcoin than the next exchange.

Huobi comes in second, with 323,665 BTC distributed across 901,600 wallet addresses. Binance follows closely with a total of 289,961 BTC which are maintained at 2.7 million different addresses. The fourth place is from OKEx with 276,184 BTC in 339,000 wallet addresses. Kraken completes the list with 126,510 BTC – less than half of OKEx – performed at 672,000 separate addresses

The next seven exchanges together have the custody of 210,000 Bitcoins. They are Bitflyer, Bitfinex, BIttrex, Bitstamp, Coincheck, Gate.io and Poloniex.

The Chain.info report also highlights a major security issue. According to the data service platform, most crypto users generally accept the plausible risks that come from keeping cryptocurrency holdings in centralized exchanges.

There is a likelihood that the volume of Bitcoin supply, held in the five mega exchanges, may exceed 10%. Chainalysis estimates that about 3.7 million Bitcoins in circulation, which have not been moved or even touched, in the past five years may be lost. This volume represents 20% of Bitcoin at the moment.

If that is the case, the volume of Bitcoin, held by the top 5 exchanges, could increase to around 15%.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.