Global adoption of digital currencies has gradually risen over the years. Despite this trend, the mainstream acceptance everyone expects hasn’t arrived yet. Particularly for Bitcoin (BTC), popular crypto exchanges continue to see an influx of both retail and institutional investors. Interestingly, a recent report notes that only five exchanges hold roughly ten percent of the current circulating supply of Bitcoin.
Five Popular Crypto Exchange Domination
The popular crypto exchanges – Coinbase, Huobi, Binance, OKEx, and Kraken – continue to dominate the Bitcoin market. Coinbase, meanwhile, is the largest company in terms of the total number of Bitcoin they currently hold. According to the information from Chain.info, the US cryptocurrency exchange holds 944,904 BTC across ~4.39 million addresses. Using the current price of Bitcoin at $11,396 on Coinmarketcap, the total balance sheet is worth $10.768 billion. The large number of Bitcoins held by the company reportedly relates to its custodial service offered through Coinbase Custody.
Singapore-based cryptocurrency exchange, Huobi, is on this list as the second-largest company with a total of 323,665 BTC. The unique wallet addresses holding these Bitcoins on Huobi sum to roughly 901,600.
Binance, the leading crypto exchange by market capitalization, ranks as the third-largest Bitcoin exchange this time. As reported, Binance currently holds about 289,961 Bitcoin from almost 2.7 million unique wallet addresses.
OKEx exchange ranks fourth on the list of top Bitcoin exchanges as it currently holds 276,184 BTC across 339,000 wallets addresses. It is worth noting OKEx is also successful as a derivatives platform. Huobi dominates that landscape in volume, however.
Kraken made the fifth-largest Bitcoin exchanges with a total of 126,510 BTC held across 672,000 wallet addresses.
Bitcoin Maximum Supply caps at 21 Million
According to Chain.info, these Bitcoins on the crypto exchanges combined make up about ten percent of the circulating supply. As per Coinmarketcap, there are 18,517,575 BTC currently in circulation, out of the maximum supply of 21 million. The value of the current circulating Bitcoin supply is worth $211.035 billion. Noteworthily, the report only accounts for 12 cryptocurrency exchanges and their BTC holdings. There are several dozen, if not hundreds, of trading platforms on the market today.
There are 210,000 Bitcoins total on the next seven crypto exchanges. They include Bitflyer, Bittrex, Bitfinex, Poloniex, Coincheck, Gate.io, and Bitstamp. The report points out that investors are still interested in holding their cryptos, preferrably Bitcoin, on CEXes. Many experts advise investors to hold their coins on hardware wallets to avoid being hacked.