Cryptocurrency reserves held on digital asset exchanges have been dropping to new lows, as some of the top exchanges have seen significant bitcoin reserve balance drops. A few months ago trading platforms had a lot more bitcoin reserves on hand and onchain data shows a few exchanges have seen customers steadily drain 187,000 bitcoins ($2.1B) from exchange-owned cold wallets.
In February, Coinbase had 1 million bitcoin under management and today reserves are down over 9% as 92,000 bitcoin ($1B) has left the exchange. Today, according to Bituniverse’s online exchange balance rank tracker, the San Francisco trading platform has 908,560 BTC under management.
36,000 BTC ($408M) left Coinbase since news.Bitcoin.com’s reserves report published on June 30, 2020. A number of top exchanges below Coinbase have also seen cold wallets drained during the last three months.
The top seven exchanges in terms of balance holdings on June 30, 2020, according to Bituniverse’s exchange