Crypto exchanges see Bitcoin deposit boom amid Ethereum withdrawal

According to recent data, the amount of Bitcoin held on centralized cryptocurrency exchanges increased by 32,058 Bitcoin over the past month. At the same time, Ethereum reserves on these exchanges have decreased as 262,904 Ether worth $597.42 million have been withdrawn from trading platforms since December 4, 2023.

Bitcoin Rises as Ethereum Falls in Latest Crypto Exchange Reserve Trends

According to cryptoquant.com, an increase in Bitcoin deposits and a decrease in Ether holdings have been observed on the world’s leading crypto exchanges. According to the data, as of December 4, 2023, there were 2,058,106 BTC on exchanges, which has since increased by 1.55% to 2,090,164 BTC currently. This increase reflects an accumulation of 32,058 BTC worth $1.4 billion over the past month.

Data shows that Binance is the largest custodian of BTC, followed by Coinbase and Bitfinex. Nansen’s analysis shows that Binance currently owns 555,700 BTC, worth $24.43 billion. Coinbase maintains a reserve of approximately 412,467 BTC, while Bitfinex manages 390,050 BTC. Together, these three platforms guarantee a value of $59.71 billion, representing 64.98% of the total BTC held on the exchange.

In contrast, the scenario for Ethereum presents a stark contrast: a total of 262,904 Ether worth $597.42 million was withdrawn from centralized trading platforms. Data as of December 4, 2023 shows that exchanges hold 14,226,502 ETH, which decreased to 13,963,598 ETH at last count. ERC20 stablecoins, or fiat tokens built on Ethereum, have also seen significant inflows to centralized trading platforms.

Measurements as of December 4, 2023 indicate that a total of 17.79 billion ERC20-based stablecoins were held on crypto exchanges, this number has since increased to 18.76 billion. This reflects a $970 million increase in dollar-pegged crypto tokens deposited on major crypto exchanges. Binance once again proves to be the largest stablecoin holder, holding a significant amount of USDT (19.44 billion) and a dominant share of TUSD, BUSD, and FDUSD holdings.

Recent fluctuations in cryptocurrency exchange reserves in the BTC, ETH and ERC20 stablecoins reflect the broader patterns and parameters that shape the cryptocurrency market in its continued development. Leading trading platforms such as Binance, Coinbase, and Bitfinex, among others, still have large Bitcoin reserves. At the same time, the varying movements of Ether and ERC20-based stablecoins highlight evolving tactics and biases across the digital currency landscape.