• Sat. Jul 20th, 2024

5 Crypto Exchanges have Custody of 8% of Bitcoin’s Capped Supply

Dec 12, 2021

As of December 12th, there is only 10% of Bitcoin that’s left for mining because 90% of the total supply that will ever exist is now in circulation in the market. It is interesting to note that 1.6 million Bitcoin is currently held by five crypto exchanges.

The total supply cap of Bitcoin stands at 21 million at 7.96% can be found at five crypto exchanges, which are Binance, Coinbase, Kraken, Huobi and Okex. 51% of this is held at Coinbase alone, which is a whopping $41.6 billion in accordance with the exchange rates today.

The total number of bitcoins that have already been mined is around 18,899,800 and there are 19 million more Bitcoins that will be mined into existence in the near future. It is also well-known that there is a good fraction of Bitcoins that might have been lost and around 1.1 million BTC was mined by Satoshi Nakamoto before he left the bitcoin community.

According to a study that was published on November 19th, 2019, Coin Metrics indicated that it was assumed that around 1.5 million bitcoins had been lost at a block height of 600,000. Using the USD exchange rate today, around $81.6 billion worth of Bitcoin, which equals to 1,673,460 tokens, is held by just five exchanges.

Along with bitcoin, the five exchanges mentioned above also hold a significant quantity of Ethereum as well. According to the data provided by Chain.info, Peckshield and Bituniverse, Coinbase currently holds around 853,530 BTC.

The ether holdings of the company haven’t been disclosed, but where Bitcoin is concerned, it holds about 51% of the total aggregate held by the five exchanges mentioned. As far as Binance is concerned, its bitcoin holdings comprise of 290,080 tokens, which is around $14.1 billion. The exchange also owns around 3.59 million ethereum, which is valued at $14.2 billion.

In addition, Binance’s reserves also include 1.24 billion tether (USDT) tokens. According to the recent metrics, Huobi’s reserves include 160,950 BTC tokens, 747 million USDT tokens and 2.13 million ether tokens. Kraken currently holds 2.27 million ether tokens and 102,900 BTC tokens.

The fifth-largest crypto exchange in terms of its BTC holdings is Okex and its total number of BTC tokens is around 266,530 and ether reserves stand at just 248,840. Then comes Gemini, which has about 116,000 BTC tokens, and ether around 1.15 million. Bitfinex also owns BTC and ether, which are 195,550 and 353,660, respectively.

The next exchange is Bittrex, which has about 48,110 BTC tokens and 301,370 ether tokens. Bitmex and Bitflyer are the next two exchanges, both of which own BTC tokens about 111,650 and 75,030, each. In terms of reserves, the top five crypto exchanges are holding about $132.36 billion.

When it comes to the total assets held on top ten crypto exchanges, this amount increases to $165.89 billion. This means that the top ten exchanges are holding more crypto value than the total stablecoin economy, which is around $162.6 billion. In fact, the top ten crypto exchanges are holding 7.07% in funds of the $2.343 trillion crypto space.

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