{"id":281354,"date":"2022-12-13T18:16:33","date_gmt":"2022-12-13T18:16:33","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=281354"},"modified":"2022-12-13T18:16:44","modified_gmt":"2022-12-13T18:16:44","slug":"btc-on-exchanges-fall-to-new-lows-since-2018","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/btc-on-exchanges-fall-to-new-lows-since-2018\/","title":{"rendered":"BTC on exchanges falls to new lows since 2018"},"content":{"rendered":"<p>Less than 12% of the current Bitcoin (BTC) supply is held on exchanges, marking a new low since January 2018, according to Glassnode data analyzed by <em>CryptoSlate.<\/em><\/p>\n<p>The chart below demonstrates the BTC balance held on exchanges with the orange line and starts in Jan. 2018, when the balance was just above 10.8%.<\/p>\n<figure id=\"attachment_281355\" aria-describedby=\"caption-attachment-281355\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-281355 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-all-exchanges-6.png\" alt=\"BTC balance on exchanges\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-all-exchanges-6.png 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-all-exchanges-6-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-all-exchanges-6-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-all-exchanges-6-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-all-exchanges-6-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-281355\" class=\"wp-caption-text\">BTC balance on exchanges<\/figcaption><\/figure>\n<p>Exchanges' BTC reserves grew exponentially between Jan. 2018 and Jan. 2020, when the COVID-19 pandemic started. On Jan. 2020, nearly 18% of all BTC supply was held on exchanges. After that peak,\u00a0 the amount of BTC held on exchanges started to shrink steadily and fell as low as today's 12%.<\/p>\n<h2>Coinbase and Binance<\/h2>\n<p>Coinbase and Binance, the two leading exchanges,\u00a0 jointly account for 5.5% of the 12% held in exchanges.<\/p>\n<h3>Coinbase<\/h3>\n<p>Coinbase's name has been on the headlines during the past two months for shrinking its BTC reserves. The chart below demonstrates Coinbase's BTC reserves since mid-September and shows two sharp downfalls.<\/p>\n<figure id=\"attachment_281361\" aria-describedby=\"caption-attachment-281361\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-281361 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-coinbase-1.png\" alt=\"BTC balance - Coinbase\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-coinbase-1.png 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-coinbase-1-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-coinbase-1-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-coinbase-1-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-coinbase-1-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-281361\" class=\"wp-caption-text\">BTC balance &#8211; Coinbase<\/figcaption><\/figure>\n<p>On Oct. 18, around 50,000 BTC were withdrawn from the exchange. This incident was the first hefty withdrawal since June 2022. At the time, Coinbase held around 525,000 BTC in its reserves, which was 22% lower than at the beginning of the year.<\/p>\n<p>Coinbase recorded another hefty withdrawal equating to over $3.5 billion between Nov. 23<a href=\"https:\/\/cryptoslate.com\/another-2b-worth-of-bitcoin-withdrawn-from-coinbase-over-weekend\/\">\u00a0and <\/a>Nov. 27, which lowered the exchange's reserves to new lows.\u00a0Despite these, Coinbase still holds around 2.52% of the total BTC supply.<\/p>\n<h3>Binance<\/h3>\n<p>Binance's BTC reserves, on the other hand, didn't shrink steadily like Coinbase. While Coinbase recorded its large withdrawals on Oct. 18, and Nov. 23-27, Binance has been accumulating BTC.<\/p>\n<figure id=\"attachment_281360\" aria-describedby=\"caption-attachment-281360\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-281360 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-binance.png\" alt=\"BTC balance - Binance\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-binance.png 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-binance-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-binance-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-binance-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_bitcoin-percent-balance-on-exchanges-binance-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-281360\" class=\"wp-caption-text\">BTC balance &#8211; Binance<\/figcaption><\/figure>\n<p>Only a sharp decline in Binance's BTC reserves was recorded between Nov.7 and Nov. 14. However, the exchange quickly recovered its previous BTC count and even exceeded above to account for nearly 3.40% of the total supply.<\/p>\n<p>Binance's BTC holdings have been lingering around at 3.40% when recent events lowered it to below 3.20%.<\/p>\n<h2>\u00a0Ancient holders and exchanges<\/h2>\n<p>The data also shows that &#8220;ancient&#8221; wallets hold around 2,6 million BTC, while all exchanges hold around 2,3 million.<\/p>\n<p>The term &#8220;ancient&#8221; refers to addresses that have been holding BTC and was last active over ten years ago. The chart below demonstrates their total BTC balance with the blue line, while it represents the balance on exchanges with the orange one.<\/p>\n<figure id=\"attachment_281362\" aria-describedby=\"caption-attachment-281362\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-281362 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_exchange-balance-vs-ancient-holders.png\" alt=\"BTC balance - ancient holders and exchanges\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_exchange-balance-vs-ancient-holders.png 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_exchange-balance-vs-ancient-holders-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_exchange-balance-vs-ancient-holders-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_exchange-balance-vs-ancient-holders-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/glassnode-studio_exchange-balance-vs-ancient-holders-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-281362\" class=\"wp-caption-text\">BTC balance &#8211; ancient holders and exchanges<\/figcaption><\/figure>\n<p>The chart starts from even before 2010. Since then, the total reserves of the ancient holders have been below the total reserves of exchanges. Ancient holders surpassed the exchanges for the first time in November 2022, during the FTX collapse.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Less than 12% of the current Bitcoin (BTC) supply is held on exchanges, marking a new low since January 2018, according to Glassnode data analyzed by CryptoSlate. The chart below demonstrates the BTC balance held on exchanges with the orange line and starts in Jan. 2018, when the balance was just above 10.8%. Exchanges&#8217; BTC [&hellip;]<\/p>\n","protected":false},"author":1262,"featured_media":281403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,77873,39],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BTC on exchanges falls to new lows since 2018<\/title>\n<meta name=\"description\" content=\"Currently, less than 12% of all Bitcoin supply is held on exchanges while Binance and Coinbase account for 5.5%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/btc-on-exchanges-fall-to-new-lows-since-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BTC on exchanges falls to new lows since 2018\" \/>\n<meta property=\"og:description\" content=\"Currently, less than 12% of all Bitcoin supply is held on exchanges while Binance and Coinbase account for 5.5%.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/btc-on-exchanges-fall-to-new-lows-since-2018\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-13T18:16:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-13T18:16:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/bitcoin-exchanges.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Zeynep Geylan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Zeynep Geylan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/btc-on-exchanges-fall-to-new-lows-since-2018\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/btc-on-exchanges-fall-to-new-lows-since-2018\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/#person\",\"name\":\"Zeynep Geylan\",\"url\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/zeynep-geylan-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/zeynep-geylan-author-300x300.jpg\",\"caption\":\"Zeynep Geylan\"},\"jobTitle\":\"Journalist\",\"description\":\"Zeynep is an academic who turned to crypto in 2018. 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