Jamal Al-Farouq The quantity of bitcoin held on centralized cryptocurrency exchanges plummeted to a low of 2,001,259 BTC as of December 4, 2023. However, the latest data reveals a significant shift within just under a week, as these exchanges have received an influx of 21,436 BTC, valued at roughly $928 million. Binance, a key player in the exchange market, has been the primary beneficiary, receiving over 60% of this recent deposit.
Centralized Exchanges Experience a Notable $928 Million Influx in Bitcoin; Majority Goes to Binance
In 2023, there has been a noticeable reduction in the amount of bitcoin (BTC) stored on cryptocurrency exchanges. On December 4, the figure dipped to a slightly over 2 million mark, precisely 2,001,259 BTC, according to data from cryptoquant.com. This marked a continuation of bitcoin holdings remaining above the two million benchmark. Subsequent to this, there has been an inflow of 21,436 BTC into centralized cryptocurrency exchanges.
As a result, the total BTC on these platforms has risen to 2,022,695. A significant portion of this inflow, 12,896 BTC worth $558 million, has been channeled to Binance. Meanwhile, since December 3, 2023, Bitfinex has seen an increase of approximately 7,224 BTC, equivalent to $313 million in value. Overall, a massive 93.86% of the total influx, equating to $871 million or 20,120 BTC, has been directed predominantly towards Binance and Bitfinex.
In contrast, ether (ETH) deposits on centralized exchanges have shown a modest increase of around 7,092 ETH, valued at about $16.42 million at current market rates. On the other hand, the volume of ERC20-based stablecoins has witnessed a decline since December 4, 2023, falling from 17.79 billion to approximately 17.60 billion. Despite their role in the fiat token market, ERC20-based stablecoins have a lesser impact compared to the 47.82 billion tether issued on the Tron network.
We invite your insights and perspectives on the recent surge in cryptocurrency deposits over the past six days. Please share your views and analyses on this topic in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Bitcoin Influx Centralized Exchanges
What was the recorded low of Bitcoin on centralized exchanges as of December 4, 2023?
On December 4, 2023, the amount of Bitcoin held on centralized exchanges recorded a low of 2,001,259 BTC.
How much Bitcoin was deposited into centralized exchanges within a week following December 4, 2023?
In less than a week following December 4, 2023, centralized exchanges experienced an influx of 21,436 BTC, valued at approximately $928 million.
Which cryptocurrency exchange received the majority of the new Bitcoin deposits?
Binance, a major cryptocurrency exchange, received over 60% of the new Bitcoin deposits, accounting for 12,896 BTC out of the total influx.
What was the value of BTC received by Bitfinex since December 3, 2023?
Since December 3, 2023, Bitfinex experienced an addition of about 7,224 BTC, which amounted to a value of approximately $313 million.
How have ether and ERC20-based stablecoin deposits changed during this period?
Ether deposits on centralized exchanges saw a modest rise of around 7,092 ETH, valued at $16.42 million. However, the quantity of ERC20-based stablecoins decreased slightly from 17.79 billion to 17.60 billion.
More about Bitcoin Influx Centralized Exchanges
- CryptoQuant Bitcoin Data Analysis
- Binance Exchange Bitcoin Holdings
- Bitfinex Bitcoin Influx Report
- Ether and Stablecoin Market Trends
7 comments
wow, didnt realize binance got that much of the btc influx, huge for them!
Curious about the drop in ERC20 stablecoins, anyone got insights?
kinda ironic we’re talking centralized exchanges in a crypto world, right?
So much money moving into crypto again, feels like the old days are back!
Bitcoin’s resilience is just impressive, still going strong after all these years.
it’s interesting to see Ether’s modest increase compared to BTC, wonder what’s driving that..
amazing how just two exchanges got most of the bitcoin, monopol much?