Wednesday, May 22, 2024

5 cryptocurrency exchanges own 1.6 million bitcoins, or about 8% of the total supply.

Approximately 90% of the bitcoins cap is already in circulation. Bitcoins worth $81 billion or about 1.6 million bitcoins are held by five cryptocurrency exchanges. The 5 cryptocurrency exchanges are Coinbase, Binance, Huobi, Kraken, and Okex. These 5 exchanges hold approximately 7.96% of the 21 million caps on the bitcoin supply. Of this, Coinbase alone holds 51% of 1.6 million bitcoins, amounting to $41.6 billion at current exchange rates.

Of the 21 million bitcoin cap, 18,999,800 BTC have been mined and are in existence. This amounts to 90% of the cap on bitcoins, and another 19 million BTC will be mined in the future.

It is also common knowledge that a large chunk of bitcoins has been lost. It is also speculated that before exiting the bitcoin community, Satoshi Nakamoto himself mined approximately 1.1 million bitcoins. Coin Metrics undertook a study that established that the number of lost bitcoins amounts to 1.5 million approximately.

Value in the Top 5 Exchanges

The 5 exchanges holding 1,673,460 bitcoins also hold a large amount of ethereum. Although it is known that Coinbase holds 51% of the total BTC holdings of these 5 exchanges, Coinbase’s ETH holding is not known. The holding by Binance is 290,080 BTC worth $14.1 billion and 3.59 million ETH with $14.2 billion. In addition, Binance also holds1.24 billion USDT as reserves.

These top 5 crypto exchanges hold $132.36 billion on the platforms as reserves. If the top 10 exchanges were to be considered, their reserves would amount to $165.89 billion. It is estimated that the crypto value in these top 10 exchanges exceeds the entire $162.6 billion in stablecoins. Also, it is instructive to learn that the value of these top 10 exchanges is 7.07% of the entire crypto-economy that is totally worth $2.343 trillion.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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