Bitcoin Reserve on Crypto Exchanges Down By 70% Since Black Thursday

Dov Herman 5 years ago 49

The volume of Bitcoin on cryptocurrency exchanges is down by 70% since the Black Thursday retreat earlier last month.

Bitcoin Reserve Down By 70% on Exchanges

Several cryptocurrency exchanges have been reporting a decrease in their Bitcoin reserves since the Black Thursday retreat of March 12, when the cryptocurrency market experienced a massive bearish trend. Crypto exchange Bitmex, revealed that its Bitcoin reserve is currently down by 36% over the last month.

By the end of January, seven crypto exchanges controlled more than $25 billion worth of BTC, USDT, and other stablecoins. However, market uncertainty has seen that number drop dramatically over the past few weeks. Evidently, investors have been withdrawing their BTC reserves and stashing them in non-custodial platforms or selling them.

The most significant transfer of BTC from crypto exchanges occurred on March 12, the day before Black Thursday. On that day, Bitmex was holding around 306,000 BTC, but it has since dropped and now stands at 228,000 BTC. As such, Bitmex customers withdrew 36% of the BTC in the exchange’s reserves and transferred them to other platforms or sold them.

According to recent data, Coinbase still holds more than 1 million BTCs despite withdrawals of the cryptocurrency from the platform. However, the value of Coinbase’s BTC reserve has dropped dramatically. By the end of January, Coinbase held BTC worth around $8.57 billion, but the figure has now dropped to $6.92 billion.

Huobi is another exchange to have lost some of its BTC stashes. The crypto exchange has seen nearly a 10% dip in its Bitcoin reserve, from 469,000 BTC to 425,000 within a month. Binance, which is the third-largest exchange of BTC reserve, hasn’t recorded much movement of the cryptocurrency. Contrary to the others, Binance’s BTC reserve is up by 0.32% over the past one month.

Bitfinex is another exchange that suffered a significant drain of BTC as it lost 29% of its stash since January 25. By the end of January, Bitfinex was the fifth largest exchange in terms of BTC reserve but it has since lost that position to Okex. Bitfinex occupies the sixth position with $1.85 billion worth of BTC, and it is closely followed by Kraken’s $1.29 billion.

Bitstamp Hit the Hardest

Perhaps the biggest loser from this carnage is Bitstamp, which lost 72% of its BTC stash over the past few weeks. At the end of January, Bitstamp held 242,000 BTC, but the exchange now holds only 66,000 BTC.

Kraken, while occupying the seventh place, also recorded a massive fall in its Bitcoin reserve. The exchange lost 24% of its BTC reserve after seeing its stash drop from 173,000 BTC to 130,000 BTC within the space of eight weeks.

Some exchanges recorded increases in their Bitcoin reserves during this period. Bittrex, Bitflyer, and Gemini have all experienced a surge in their Bitcoin stash in recent weeks, with all of them holding over 70,000 BTC individually in their wallets.

The seven cryptocurrency exchanges that held more than $25 billion worth of Bitcoin, Tether, and other stablecoins have seen their holdings drop to $21 billion within a few weeks. The decline in Bitcoin price continues to affect the exchanges, and this has led to the $4 billion shortfalls in their holdings over the past three months.

49 thoughts on “Bitcoin Reserve on Crypto Exchanges Down By 70% Since Black Thursday”

  4. Does anyone know whether I can purchase JUSTKRATOM Red Maeng DA Kratom Powder (justkratomstore.com) from Vape It Now, , CA, ?

  5. Does anyone know whether I can buy Just Delta 8 Gummies (justdeltastore.com) from Avail Vapor, 1157 Nimmo Pkwy, Virginia Beach, VA, 23456?

  6. Hello everyone , can anyone suggest where I can purchase Blood Orange CBD Pod 150mg By Ignite CBD?

  9. Good Afternoon everyone ! can anyone suggest where I can purchase Neurogan Inc CBD Topical Full Spectrum Lavender Balm 500mg 2000mg?

  14. Does anyone know if I can buy JUSTKRATOM Red Bali Kratom Capsules (justkratomstore.com) at Splash Vape Lounge, 2260 Commercial Drive, Vancouver, BC, V5N4B5?

  15. By way of introduction, I am Mark Schaefer, and I represent Nutritional Products International. We serve both international and domestic manufacturers who are seeking to gain more distribution within the United States. Your brand recently caught my attention, so I am contacting you today to discuss the possibility of expanding your national distribution reach.We provide expertise in all areas of distribution, and our offerings include the following: Turnkey/One-stop solution, Active accounts with major U.S. distributors and retailers, Our executive team held executive positions with Walmart and Amazon, Our proven sales force has public relations, branding, and marketing all under one roof, We focus on both new and existing product lines, Warehousing and logistics. Our company has a proven history of initiating accounts and placing orders with major distribution outlets. Our history allows us to have intimate and unique relationships with key buyers across the United States, thus giving your brand a fast track to market in a professional manner. Please contact me directly so that we can discuss your brand further. Kind Regards, Mark Schaefer, [email protected], VP of Business Development, Nutritional Products International, 101 Plaza Real S, Ste #224, Boca Raton, FL 33432, Office: 561-544-0719

  18. Is anyone here in a position to recommend Flavoured, Coloured, Novelty? Thanks xox

  19. I was wondering if anyone knows what happened to Dime Piece LA celebrity streetwear brand? I seem to be unable to proceed to the checkout on Dimepiecela site. I’ve read in Cosmopolitan that the brand was bought out by a UK hedge fund for $50 million. I’ve just bought the Dimepiece Remember Why Unisex Heavy Blend™ Hooded Sweatshirt from Ebay and absolutely love it xox

  20. By way of introduction, I am Mark Schaefer, and I represent Nutritional Products International. We serve both international and domestic manufacturers who are seeking to gain more distribution within the United States. Your brand recently caught my attention, so I am contacting you today to discuss the possibility of expanding your national distribution reach.We provide expertise in all areas of distribution, and our offerings include the following: Turnkey/One-stop solution, Active accounts with major U.S. distributors and retailers, Our executive team held executive positions with Walmart and Amazon, Our proven sales force has public relations, branding, and marketing all under one roof, We focus on both new and existing product lines, Warehousing and logistics. Our company has a proven history of initiating accounts and placing orders with major distribution outlets. Our history allows us to have intimate and unique relationships with key buyers across the United States, thus giving your brand a fast track to market in a professional manner. Please contact me directly so that we can discuss your brand further. Kind Regards, Mark Schaefer, [email protected], VP of Business Development, Nutritional Products International, 101 Plaza Real S, Ste #224, Boca Raton, FL 33432, Office: 561-544-0719

  21. Can anyone able to recommend quality Fair Trade Markets B2B Sales Leads? Thanks very much 😀

  22. I oversee a vape store submission site and we have had a posting from a vape store in the United States that also advertises CBD items. A Calendar month afterwards, PayPal has contacted use to claim that our account has been limited and have asked us to get rid of PayPal as a payment solution from our vape store directory site. We do not sell CBD product lines like CBD oil. We solely offer advertising and marketing professional services to CBD companies. I have checked out Holland & Barrett– the UK’s Reputable Health and wellness Store and if you take a close look, you will witness that they sell a relatively substantial variety of CBD products, specifically CBD oil and they also happen to take PayPal as a settlement solution. It appears that PayPal is employing contradictory standards to different firms. Due to this restriction, I can no longer take PayPal on my CBD-related website. This has limited my payment choices and presently, I am intensely reliant on Cryptocurrency payments and straightforward bank transfers. I have spoken to a barrister from a Magic Circle law practice in London and they explained that what PayPal is doing is altogether unlawful and discriminatory as it should be applying a systematic standard to all companies. I am still to speak to one more attorney from a US law firm in London to see what PayPal’s legal position is in the United States. For the time being, I would be highly appreciative if anyone here at targetdomain could provide me with substitute payment processors/merchants that work with CBD companies.

  23. Is anyone here in a position to recommend Novelty Gifts? Cheers x

  24. By way of introduction, I am Mark Schaefer, and I represent Nutritional Products International. We serve both international and domestic manufacturers who are seeking to gain more distribution within the United States. Your brand recently caught my attention, so I am contacting you today to discuss the possibility of expanding your national distribution reach.We provide expertise in all areas of distribution, and our offerings include the following: Turnkey/One-stop solution, Active accounts with major U.S. distributors and retailers, Our executive team held executive positions with Walmart and Amazon, Our proven sales force has public relations, branding, and marketing all under one roof, We focus on both new and existing product lines, Warehousing and logistics. Our company has a proven history of initiating accounts and placing orders with major distribution outlets. Our history allows us to have intimate and unique relationships with key buyers across the United States, thus giving your brand a fast track to market in a professional manner. Please contact me directly so that we can discuss your brand further. Kind Regards, Mark Schaefer, [email protected], VP of Business Development, Nutritional Products International, 101 Plaza Real S, Ste #224, Boca Raton, FL 33432, Office: 561-544-0719

  25. Does anyone know what happened to Dimepiece Los Angeles celebrity streetwear brand? I am having trouble to proceed to the checkout on Dimepiecela site. I’ve read in Women’s Health Mag that the brand was bought out by a UK-based hedge fund in excess of $50 m. I have just bought the Dimepiece Fire & Desire Makeup Bag from Amazon and absolutely love it xox

  27. Is anyone here in a position to recommend Bodies and Playsuits? Thanks xx

  29. Has anybody ever shopped at Vortex Vaporz Ecigarette Shop located in 5115 Dean Martin Drive #907?

  30. Hi everybody ! can anyone recommend where I can purchase Creating Better Days CBD Edible Cherry Bombs Gummies 10pc 15mg?

  31. Can anyone able to recommend quality Working Holiday Visas B2B Data List? Thanks 🙂

  32. Good Morning everybody ! can anyone suggest where I can buy The Feels?

  33. Can anyone able to recommend good Designer Bathrooms B2B Mailing List? Thanks 🙂

  35. I look after a vape shop directory and we have had a posting from a vape store in the United States that likewise sells CBD product lines. A Month later, PayPal has contacted use to claim that our account has been limited and have asked us to get rid of PayPal as a payment method from our vape shop website directory. We do not offer CBD items such as CBD oil. We merely provide internet marketing services to CBD companies. I have visited Holland & Barrett– the UK’s Top Wellness Retail store and if you take a close look, you will witness that they offer for sale a somewhat comprehensive series of CBD items, primarily CBD oil and they also happen to take PayPal as a settlement solution. It appears that PayPal is applying contradictory standards to different companies. As a result of this constraint, I can no longer accept PayPal on my CBD-related online site. This has restrained my payment options and presently, I am seriously reliant on Cryptocurrency payments and direct bank transfers. I have talked with a barrister from a Magic Circle law firm in The city of london and they explained that what PayPal is doing is entirely illegal and inequitable as it should be applying a systematic criterion to all companies. I am yet to seek advice from yet another lawyer from a US law firm in The city of london to see what PayPal’s legal position is in the United States. Meanwhile, I would be highly appreciative if anyone here at targetdomain could provide me with alternative payment processors/merchants that work with CBD companies.

  37. Is anyone here in a position to recommend Fleshlight Range -? Cheers x

  38. Hi everybody , can anyone suggest where I can purchase Rare Terpenes Tepene Strain Blends Lemon Tree?

  40. Let me know 888 Vapour-Newark vaping shop based in 2416 Carolina Beach Rd #4 offers e-liquid manufactured by Cookie King eJuice? I have tried sending them an email at at [email protected]

  42. Has anyone ever been to Just Blowin Steam Vape Shop & Lounge Vapor Store located in 108 Kenview Ave?

  45. I was wondering if anyone knows what happened to Dime Piece LA celebrity streetwear brand? I seem to be unable to check out on Dimepiecela site. I have read in Elle that the brand was bought out by a UK-based hedge fund for $50 m. I have just bought the Dimepiece Women’s Athletic Club Crewneck Sweatshirt from Ebay and totally love it xox

  47. Has anybody ever shopped at The Vape Source Ecig Shop located in 3008 W Slaughter Ln Ste. A-1?

  48. It’s really a nice and useful piece of info. I’m glad that you shared this useful information with us. Please keep us informed like this. Thanks for sharing.

Leave a Reply

Your email address will not be published.

Next Post

Bitcoin Price Drops Below $7K as Traders See Bearish Signals in Futures Market

Tue Apr 14 , 2020
The price of the leading cryptocurrency dropped below the $7,000 mark on Monday, April 13, the lowest the Bitcoin price has been in more than a week. BTC Price Dips Below $7,000 Bitcoin has continued its struggle to recover following its crash in March. The cryptocurrency took another hit on […]

You May Like

Subscribe US Now