Over the past few weeks, prominent crypto exchanges have experienced varied Bitcoin (BTC) flow as the market attempts to recover from correction.
Data from Arkham Intelligence shows that Coinbase has noted a drastic drop in its BTC reserves, with 40,406 worth $2.7 billion BTC outflows over the past two months. Other top BTC exchanges, such as Binance and Robinhood, recorded a combined inflow of 1,302 BTC, approximately $88 million. However, Robinhood contributed a larger chunk of this influx.
In the last sixty days, there has been a significant fluctuation in the value of BTC. The asset peaked on Apr. 7 at $72,756 before falling to as low as $56,500 by the start of May.
The fluctuations in BTC’s value significantly impacted major cryptocurrency exchanges, particularly Coinbase and Binance, as they adjusted their holdings. Therefore, exchanges’ BTC holdings shifted.
While Coinbase boasted 928,743 BTC worth $66 billion at the start of April, Arkham Intelligence data revealed that Coinbase’s BTC reserves have plummeted to 888,337 BTC, a drop of 40,406 BTC or $2.7 billion.
Considering withdrawals and price changes, Coinbase’s BTC holdings are currently valued at around $60.15 billion. In contrast, Binance’s BTC holdings have increased modestly. During the same period, Binance added 408 BTC, bringing its total reserves to 642,528 BTC.
Notwithstanding this addition, the value of Binance’s BTC reserves fell from $45.68 billion on Apr. 1 to $43.36 billion on Jun. 1 due to BTC’s price changes. Also, the prominent crypto trading platform – Robinhood -outperformed other crypto exchanges and platforms in BTC accumulation.
Robinhood’s BTC reserves jumped by 894 BTC, bringing the total to 139,462 BTC. On Apr. 1, Robinhood’s BTC value was $9.82 billion. Despite the price drops, Robinhood’s current BTC holdings are worth $9.41 billion.
Meanwhile, centralized exchanges have seen a net outflow of 76,883 BTC over the past two months. While these exchanges held a combined 2,932,042 BTC on Apr. 1, this figure is now 2,855,159 BTC (or about $192.8 billion) based on recent valuations.
Coinbase alone holds 888,337 BTC, representing about 31.11% of all BTC assets on centralized exchanges. However, the prominent crypto exchange also accounted for 52.55% of the total BTCs that left these exchanges. Nevertheless, Coinbase’s Q1 2024 revenue report still exceeded analysts’ expectations.
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