Data compiled by Glassnode is showing that the number of Bitcoin (BTC) held on top crypto exchanges has steadily fallen since the violent mid-March crash that saw crypto prices tumble by 50% in a single day.
The sum of BTC held on exchanges currently sits at a little over 2.3 million — the lowest it has been since May 22, 2019.
As such, the percentage of BTC stored on centralized exchanges has dropped from 14.1% to 12.5%.
$3B in BTC removed from exchanges since March
The number of BTC stored on top crypto exchanges has fallen by approximately 300,000 since ‘Black Thursday' on March 12.
BTC price and number of Bitcoins held on exchanges: Glassnode
As such, approximately $3 billion worth of Bitcoin has left the exchanges two months, leaving $23 billion in BTC all up.
ETH balances approach all-time highs
While the number of BTC held by exchanges has dropped by 11.5% since March, Ethereum (ETH) balances have steadily increased since March 2018 — increasing from 5.8 million to 18.6 million over two years.
ETH price and number of Bitcoins held on exchanges: Glassnode
Nearly 17% of the total Ether supply is currently held on exchanges, valued at more than $4 billion.