Bitcoin whales are transferring their holdings from cryptocurrency exchanges to wallets. The entire Bitcoin balance on crypto exchanges has reached its lowest level since February 2018, according to the most recent statistics from Glassnode, a major on-chain analytics tool.
The total circulating Bitcoin supply is now 13.1 percent held by cryptocurrency exchanges. Crypto whale addresses shifted the world’s most valuable digital asset from key exchanges like Binance, Coinbase, and Huobi to unknown crypto wallets, causing the latest drop.
“Bitcoin exchange balances have restored to 13.1% of circulating BTC supply, rewinding inflows to February 2018.” The all-time high exchange balance was 17%, which was reached during the bottom of the March 2020 sell-off. “That day, the trend shifted,” Glassnode explained.
The current volatility in BTC isn’t deterring whales from amassing the world’s largest cryptocurrency. Bitcoin’s accumulation activity has surged dramatically in recent weeks, according to Glassnode.
In three consecutive transactions in July 2021, Bitcoin whale accounts transferred more than $1 billion in BTC from Coinbase to crypto wallets. Finance Magnates reported a large reduction in the BTC exchange supply ratio during the same month.