Binance records increase in Bitcoin holdings amid declining trend in exchange balances

quick take

  • crypto slate An analysis of the spot and derivatives markets in the first quarter found that bitcoin exchange balances were up year-to-date, meaning more coins were sent to exchanges than were removed.
  • However, this trend has reversed since the SVB collapse on March 10, indicating that investors are returning to withdrawing coins from exchanges.
  • Looking at the data, Coinglass offers the top 15 exchanges that have seen Bitcoin removed from their exchanges, all of which remained relatively flat.
  • The only exchange to see a significant addition to its balance is Binance, which has recorded around 35,000 BTC over the past 30 days.
  • Binance currently holds over 550,000 Bitcoins on the exchange. This represents approximately 3.4% of all Bitcoins on exchanges.
Bitcoin balance on exchanges: (Source: Coinglass)
Binance Balance: (Source: Glassnode)
Binance Balance: (Source: Glassnode)

Post Binance first appeared on CryptoSlate, recording bitcoin holdings amid declining exchange balance trend.

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