CryptoNews

Crypto Exchanges Witness Bitcoin Deposit Boom Amidst Ethereum Retreat

Crypto Exchanges Witness Bitcoin Deposit Boom

According to recent data, in the past month, the quantity of bitcoin residing in centralized cryptocurrency exchanges surged by 32,058 bitcoin. Concurrently, the ethereum reserves on these exchanges have diminished, with 262,904 ether, valued at $597.42 million, being withdrawn from trading platforms since Dec. 4, 2023.

Bitcoin Bulks Up as Ethereum Eases Off in Latest Crypto Exchange Reserve Trends

An upsurge in bitcoin deposits and a decline in ether holdings have been observed at the world’s leading crypto exchanges, as per cryptoquant.com. The data indicates that on Dec. 4, 2023, exchanges housed 2,058,106 BTC, which has since risen by 1.55% to a current tally of 2,090,164 BTC. This surge reflects an accumulation of 32,058 BTC, valued at $1.4 billion, within the last month.

Data reveals Binance as the top custodian of BTC, succeeded by Coinbase and Bitfinex. Nansen’s analysis indicates that, at present, Binance possesses 555,700 BTC, translating to a worth of $24.43 billion. Coinbase maintains a reserve of approximately 412,467 BTC, while Bitfinex oversees 390,050 BTC. Collectively, these three platforms safeguard $59.71 billion in value, accounting for 64.98% of the total BTC harbored on exchanges.

Conversely, the scenario for ethereum paints a stark contrast. A total of 262,904 ether, amounting to $597.42 million, was withdrawn from centralized trading venues. Data from Dec. 4, 2023, showed exchanges holding 14,226,502 ETH, which has decreased to 13,963,598 ETH as of the latest count. ERC20 stablecoins, or fiat-pegged tokens built on top of Ethereum, also saw significant influx into centralized trading platforms.

Dec. 4, 2023 metrics indicate a total of 17.79 billion ERC20-based stablecoins were held on crypto exchanges, which has since expanded to 18.76 billion. This reflects an increase of $970 million in dollar-pegged crypto tokens deposited into leading crypto exchanges. Once more, Binance emerges as a predominant holder of stablecoins, maintaining a substantial quantity of USDT (19.44B) and a dominant share of the TUSD, BUSD, and FDUSD supplies.

The recent crypto exchange reserve fluctuations in BTC, ETH, and ERC20 stablecoins mirror the wider patterns and attitudes shaping the cryptocurrency market in its ongoing evolution. Prominent trading platforms such as Binance, Coinbase, and Bitfinex, among others, still maintain substantial bitcoin reserves. Simultaneously, the variable movements of ether and ERC20-based stablecoins highlight changing tactics and inclinations in the digital currency landscape.

Source: Bitcoin

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