USD 928M New Bitcoin Inflow Into Centralized Crypto Exchanges
The bitcoin holdings on centralized crypto exchanges plummeted to 2,001,259 on December 4. But within less than a week, exchanges have witnessed an inflow of 21,436 Bitcoin, valued at approximately USD 928 million as per the recent data. More than 60% of the newly deposited bitcoin has been transferred to Binance.
60% of New Bitcoin Inflow Valued at USD 558M with Binance
The quantity of Bitcoin (BTC) held on crypto trading platforms has seen a substantial decline in 2023. The amount of Bitcoin held on crypto trading platforms was barely above two billion with about 2,001,259 BTC as of December 4. Reliable data sourced from cryptoquant.com confirms that the leading digital currency has maintained a threshold level above two million. Effectively, this has helped in an inflow of 21,436 BTC flowing into centralized crypto exchanges.
The total holding of BTC on crypto exchanges now stands at 2,022,695. Global crypto exchange Binance has received 12,896 BTC, amounting to USD 558 million out of the total 21,436 BTC transferred to the exchanges. Bitfinex crypto exchange has received 7,224 BTC, amounting to USD 313 million, since December 3. This inflow is an indication that out of the total 20,120 BTC, valued at USD 871 million, a substantial 93.86% has been moved to these two exchanges.
ETH Register Modest Increase; Stablecoins Decline
The Ethereum (ETH) deposits with centralized crypto exchanges witnessed a relatively modest increase of 7,092, valued at USD 16.42 million based on the current ETH exchange rates. The amount of ERC20-based stablecoins has registered a decline since December 4, 2023, dipping from 17.79 billion to 17.60 billion. ERC20-based stablecoins are known for contributing to the fiat token market, but their impact is largely smaller nowadays compared to the 47.82 billion Tether (USDT) issued on the Tron network.
What is your take on the inflow of Bitcoin over the last six days? Please share your thoughts and opinions in the comments section below.
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