Over Two Billion USD Worth Of Bitcoins Drained From Top Exchanges Since June

Cryptocurrency reserves held on cryptocurrency exchanges have been dropping to new lows, as some of the top exchanges have seen significant bitcoin reserve balance drops. A few months ago, trading platforms had a lot more bitcoin reserves on hand and onchain data shows a few exchanges have seen customers steadily drain one hundred and eighty-seven thousand BTCs (valued at around two billion dollars) from exchange-owned cold wallets.

In the month of February, Coinbase had one million BTC under management. Presently, the exchange’s reserves are down over nine percent as ninety-two thousand Bitcoin (worth around a billion USD) has left the exchange. Currently, the cryptocurrency trading platform has around nine hundred and eight thousand BTC under management, as per Bituniverse’s online exchange balance rank tracker.

Figures show out of the top 5 digital currency trading platforms over one hundred and eighty-seven thousand Bitcoins (worth around 2 Billion USD) have left these exchanges since the June report.

Balances on the digital asset exchanges have been plunging down successively for the previous fifteen months. The last time balances were this low was around the month of May, last year.

To many digital asset enthusiasts and traders, the small balances on exchanges indicate users are following a noncustodial approach to store cryptocurrencies as opposed to storing funds with a 3rd party. The data from Glassnode and Bituniverse also indicate that liquidity and selling pressure may decrease.