Cryptocurrency reserves held on digital asset 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 187,000 bitcoins ($2.1B) from exchange-owned cold wallets.
In February, Coinbase had 1 million bitcoin under management and today reserves are down over 9% as 92,000 bitcoin ($1B) has left the exchange. Today, according to Bituniverse’s online exchange balance rank tracker, the San Francisco trading platform has 908,560 BTC under management.
36,000 BTC ($408M) left Coinbase since news.Bitcoin.com’s reserves report published on June 30, 2020. A number of top exchanges below Coinbase have also seen cold wallets drained during the last three months.
The second-largest exchange in terms of bitcoin reserves held is Huobi and the trading platform is down over 53,000 BTC ($601M) since June 30. Binance’s balances remained the same as the exchange holds 266,000 BTC today and three months ago, Binance held 269k BTC. Similarly, the fourth-largest reserve holder, Bitfinex, didn’t see much movement in the last three months.
Statistics show out of the top five crypto trading platforms over 187,000 BTC ($2.1B) has left these exchanges since the June report.
Just recently, Bitmex had some legal troubles with the U.S. government and since the incident, a lot of bitcoin has left…