At least 24,000 BTC has left centralized exchanges in the few days since the halving event occurred. According to crypto data service Glassnode, Bitcoin holders have pulled more than $220 million from their wallets on several exchanges. Glassnode says that the movement already began shortly before the halving and continued after. It said there was a reduction in the “exchange net flow”.
“In the hours before and after Bitcoin’s halving, exchange net flow decreased significantly. So far, the event has had no impact on 2020’s trend of investors withdrawing BTC from exchanges.”
Several exchanges saw drops in their Bitcoin reserves. Huobi’s reserve dropped by 20,000 BTC since April 12, with Bitfinex’s reserve losing nearly 71,000 in the same period. Back in March, around Black Thursday, BitMEX had 228,000 BTC in its reserves. Currently, that number has dropped to 214,000 BTC. However, Bitcoin reserves on OKEx, Coinbase, and Binance, are still relatively healthy.
Chain.info data shows that the ten largest exchange firms currently control about 14% of all Bitcoin in circulation, a total of 2.3 million Bitcoin in their on-chain reserves. Coinbase has the largest at 970,247 BTC, followed by Huobi, OKEx, and Binance, with 358,093 BTC, 259,474 BTC, and 174,848 BTC respectively.
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