{"id":647863,"date":"2024-10-14T15:30:16","date_gmt":"2024-10-14T15:30:16","guid":{"rendered":"https:\/\/wncen.com\/?p=647863"},"modified":"2024-10-14T11:34:16","modified_gmt":"2024-10-14T11:34:16","slug":"whats-behind-bitcoin-and-ethereums-exchange-exodus-record-low-reserves-could-hold-the-key","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/whats-behind-bitcoin-and-ethereums-exchange-exodus-record-low-reserves-could-hold-the-key\/","title":{"rendered":"What\u2019s Behind Bitcoin And Ethereum\u2019s Exchange Exodus? Record-Low Reserves Could Hold The Key"},"content":{"rendered":"

Crypto investors are not keen on dealing with cryptocurrency trading platforms, which has resulted in the dwindling exchange reserves of Bitcoin and Ethereum.\u00a0Centralized exchanges on Bitcoin and Ethereum hit a historic low after investors and crypto enthusiasts opted for self-custody solutions for their virtual assets.<\/p>\n

Related Reading: Uniswap: New Crypto Developments Lift UNI Price Up by 17% \u2013 Details<\/a><\/div>\n

Staying Away From Cryptocurrency Trading<\/strong><\/h2>\n

A recent trend showed that traders and other enthusiasts choose to hold on to their crypto assets rather than sell them on Bitcoin and Ethereum<\/a> exchange platforms.<\/p>\n

They preferred direct ownership of their assets using self-custody wallets, which created an increasing demand for self-custody solutions. However, it led to a decline in the liquidity of BTC and ETH on centralized exchanges.<\/p>\n

Strengthening Bitcoin And Ethereum Values<\/strong><\/h2>\n

A positive consequence of traders\u2019 preference for self-custody solutions is the increasing value of Bitcoin and Ethereum assets over time. Traders veering away from cryptocurrency trading platforms create a sense of scarcity, leading to the growth of its value.<\/p>\n

At the time of writing, the price of Bitcoin<\/a> is pegged at $64,842. Since hitting a record-high of $73,000 in March this year, the price remains somewhere between $66,000 and $49,000. Meanwhile, according to Coinmarketcap, Ethereum<\/a> is trading at $2,464.<\/p>\n

\"\"
Source: CoinMarketCap<\/a><\/figcaption><\/figure>\n

Bitcoin, Ethereum Reserves Drop<\/strong><\/h3>\n

Bitcoin and Ethereum on centralized reserves took a nosedive and hit a historic low early this month. As of October 13, CryptoQuant\u2019s chart<\/a> showed that centralized exchanges for BTC recorded an all-time low of 2,666,717 bitcoins.<\/p>\n

\"\"
BTC exchange reserves. Source: CryptoQuant<\/a><\/figcaption><\/figure>\n

The highest amount of Bitcoin was pegged at 3,361,854, which was recorded on June 8, 2022. After that period, Bitcoin went on a sharp decline. It hit its lowest level early this month.<\/p>\n

In terms of volume, spot exchanges have 1.1 million Bitcoin in reserves, while derivative exchanges own 1.39 million reserves. By far, Binance owns 563,000 Bitcoin reserves, the largest crypto exchange by trading volume, followed by Kraken with 112,3000 reserves.<\/p>\n

Total crypto market cap currently at $2.2 trillion. Chart: TradingView<\/a><\/figcaption><\/figure>\n

On the other hand, Coinbase Advanced holds 830,530 Bitcoin reserves and Coinbase Prime has 3,000 reserves. Ethereum\u2019s centralized exchanges also face a similar dilemma to Bitcoin wherein its reserves continue to plummet and hit a record low of 18.7 million.<\/p>\n

Related Reading: Tron Token Burn: 10 Million Gone\u2014What Does It Mean For TRX Price?<\/a><\/div>\n

According to CryptoQuant, derivative exchanges<\/a> hold a big portion of Ethereum with 10.3 million in reserves, while 8.4 million Ethereum reserves are being kept at spot exchanges.<\/p>\n

Historically, Ethereum\u2019s all-time high in reserves was 2,310,823 recorded on 6 September 2022. Since that period, Ethereum reserves in central exchanges continue to plunge.<\/p>\n

In terms of reserves, Coinbase has a large reserve of 4.5 million Ethereum, followed by Binance with 3.6 million Ethereum. Kraken also holds a significant Ethereum reserve of 1.3 million.<\/p>\n

Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto investors are not keen on dealing with cryptocurrency trading platforms, which has resulted in the dwindling exchange reserves of Bitcoin and Ethereum.\u00a0Centralized exchanges on Bitcoin and Ethereum hit a historic low after investors and crypto enthusiasts opted for self-custody solutions for their virtual assets. Related Reading: Uniswap: New Crypto Developments Lift UNI Price Up by 17% \u2013 Details Staying Away From Cryptocurrency Trading A recent trend showed that traders and other enthusiasts choose to hold on to their crypto assets rather than sell them on Bitcoin and Ethereum exchange platforms. They preferred direct ownership of their assets using self-custody wallets, which created an increasing demand for self-custody solutions. However, it led to a decline in the liquidity of BTC and ETH on centralized exchanges. Strengthening Bitcoin And Ethereum Values A positive consequence of traders\u2019 preference for self-custody solutions is the increasing value of Bitcoin and Ethereum assets over time. Traders veering away from cryptocurrency trading platforms create a sense of scarcity, leading to the growth of its value. At the time of writing, the price of Bitcoin is pegged at $64,842. Since hitting a record-high of $73,000 in March this year, the price remains somewhere between $66,000 and $49,000. Meanwhile, according to Coinmarketcap, Ethereum is trading at $2,464. Bitcoin, Ethereum Reserves Drop Bitcoin and Ethereum on centralized reserves took a nosedive and hit a historic low early this month. As of October 13, CryptoQuant\u2019s chart showed that centralized exchanges for BTC recorded an all-time low of 2,666,717 bitcoins. The highest amount of Bitcoin was pegged at 3,361,854, which was recorded on June 8, 2022. After that period, Bitcoin went on a sharp decline. It hit its lowest level early this month. In terms of volume, spot exchanges have 1.1 million Bitcoin in reserves, while derivative exchanges own 1.39 million reserves. By far, Binance owns 563,000 Bitcoin reserves, the largest crypto exchange by trading volume, followed by Kraken with 112,3000 reserves. On the other hand, Coinbase Advanced holds 830,530 Bitcoin reserves and Coinbase Prime has 3,000 reserves. Ethereum\u2019s centralized exchanges also face a similar dilemma to Bitcoin wherein its reserves continue to plummet and hit a record low of 18.7 million. Related Reading: Tron Token Burn: 10 Million Gone\u2014What Does It Mean For TRX Price? According to CryptoQuant, derivative exchanges hold a big portion of Ethereum with 10.3 million in reserves, while 8.4 million Ethereum reserves are being kept at spot exchanges. Historically, Ethereum\u2019s all-time high in reserves was 2,310,823 recorded on 6 September 2022. Since that period, Ethereum reserves in central exchanges continue to plunge. In terms of reserves, Coinbase has a large reserve of 4.5 million Ethereum, followed by Binance with 3.6 million Ethereum. Kraken also holds a significant Ethereum reserve of 1.3 million. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":647872,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,6664,9133,1946],"class_list":["post-647863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-crypto","tag-etc","tag-ethereum"],"acf":[],"yoast_head":"\nWhat\u2019s Behind Bitcoin And Ethereum\u2019s Exchange Exodus?<\/title>\n<meta name=\"description\" content=\"Crypto investors are not keen on dealing with cryptocurrency trading platforms, which has resulted in the dwindling exchange reserves of Bitcoin and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/whats-behind-bitcoin-and-ethereums-exchange-exodus-record-low-reserves-could-hold-the-key\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s Behind Bitcoin And Ethereum\u2019s Exchange Exodus?\" \/>\n<meta property=\"og:description\" content=\"Crypto investors are not keen on dealing with cryptocurrency trading platforms, which has resulted in the dwindling exchange reserves of Bitcoin and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/whats-behind-bitcoin-and-ethereums-exchange-exodus-record-low-reserves-could-hold-the-key\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-14T15:30:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-14T11:34:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/a_63fa0b.jpg?fit=3107%2C2071\" \/>\n\t<meta property=\"og:image:width\" content=\"3107\" \/>\n\t<meta property=\"og:image:height\" content=\"2071\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Christian Encila\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Christian Encila\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/whats-behind-bitcoin-and-ethereums-exchange-exodus-record-low-reserves-could-hold-the-key\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/whats-behind-bitcoin-and-ethereums-exchange-exodus-record-low-reserves-could-hold-the-key\/\"},\"author\":{\"name\":\"Christian Encila\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/a2d6e9b600c0ed5252bbfc4170c3dd80\"},\"headline\":\"What\u2019s Behind Bitcoin And Ethereum\u2019s Exchange Exodus? 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"What\u2019s Behind Bitcoin And Ethereum\u2019s Exchange Exodus? 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