Eight Crypto Exchanges’ Wallets Hold Approx. $10 Billion In BTC

The latest cryptocurrency news bring out an interesting fact – that nearly $10 billion of the entire circulating supply of Bitcoin (BTC) is held on eight crypto exchanges and their corresponding user wallets. What’s interesting is the fact that at press time, this accounts for almost 7% of the entire circulating supply of Bitcoin (BTC), as the Twitter account ‘The Token Analyst’ noted.

On October 8, this user took to Twitter and said that throughout Bitcoin’s history, the amount of the world’s most popular cryptocurrency and its coins on the exchanges has consistently been increasing.

Exchanges are the biggest #HODLers 💼

6.7% (~$9.8B) of all #BTC in circulation is currently held on exchange wallets

Through price rallies & crashes, we see that the stockpile of $BTC on exchange wallets has consistently been increasing.

More info – https://t.co/mZE95eHagc pic.twitter.com/saWWLmJKNT

— TokenAnalyst (@thetokenanalyst) October 8, 2019

For those of you who follow our Bitcoin price news, you should know that this Twitter account provides real-time and historical blockchain data which is estimated to around 1.2 million coins – all of which are currently held in the wallets of eight crypto exchanges. The Token Analyst has described them as “the biggest HODLers” on the market.

Another accompanying graph shows that Huobi Group is leading this herd of crypto exchanges and has the most amount of BTC in its wallets. After Huobi, Binance and BitMEX are battling for the second place with similar amounts of BTC held on their wallets.

The Bitcoin birthday party is coming on December 18, when Bitcoin is about to make a decade of existence (10 years) and mark a new era. So far, the dominant cryptocurrency has been going up and down but to date, it has exploded in terms of growth. In July 2010, for example, one BTC was approximately $0.08 USD, and today the price of Bitcoin is fluctuating around the $8,200 margin.

According to one BitcoinTalk member who coined the term “HODL” almost six years ago, there are more and more HODLers which are known as users that are not selling their digital assets in times of FUD.
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After he mispelled the word “hold” and wrote “hodl,” he posted a rant which indicated a new term in the world of cryptocurrency trading.

Meanwhile, today’s value of Bitcoin is around $8,200. Knowing that eight crypto exchanges are accounting for less than a tenth of its value, it is wise to consider that the upcoming days are most likely going to be a bearish period for the crypto space.