TechFlow reports, according to data from cryptoquant.com, Bitcoin reserves on centralized exchanges have dropped to their lowest level since November 19, 2018.
Over the past month since July 11, 2024, a total of 99,308 bitcoins (worth approximately $5.96 billion) have been withdrawn from exchanges. As of August 11, centralized exchanges hold 2,679,880 bitcoins, valued at around $161 billion based on the bitcoin price on that day. This reserve level was last seen during the bear market on November 19, 2018.
Since early June 2022, the amount of Bitcoin held on exchanges has been steadily declining. Notably, following the collapses of Terra and FTX, Bitcoin holdings on exchanges have decreased by 20.16%, reaching the current level of 2.67 million.
Ethereum (ETH) reserves show a similar trend. Currently, exchanges hold 16.8 million ETH, a significant drop from the all-time high of 35.44 million recorded on June 4, 2020. Since September 15, 2022, 11.44 million ETH (worth approximately $29.97 billion as of August 11 prices) have been withdrawn from trading platforms.
