The exchanges are empty. There are now only 2.3 million bitcoins.
Welcome millions of budding maximalists
Glassnode shows in its report on-chain that exchanges face massive BTC withdrawals. The firm reported on Monday that 72,900 BTC were withdrawn in the space of a week.
We are now at 161,000 BTC week-on-week. A historic record.
There are only 2.3 million BTC left on the exchanges. In other words, at this rate, there will be no more bitcoins on the exchanges within 11 weeks…
Knowing that 19.2 million BTC are already in circulation, or 91.4% of the 21 million BTC that will ultimately exist.
The amount of bitcoins remaining on the exchanges is at its lowest since March 2018:
The French company Ledger even announces that it will never have as many sales as this week. This suggests that these BTCs won’t be returning to the charts anytime soon. exchanges.
In this regard, here is the ranking of exchanges depending on the size of their BTC reserves according to coinglass.com :
Coinbase: 532,193 BTC
Binance: 466,654 BTC
Bitfinex: 357,177 BTC
Gemini: 186,935 BTC
Kraken: 67,917 BTC
Bitmex: 59,938 BTC
Okex: 58,995 BTC
BitFlyer: 52,845 BTC
Bittrex: 27,924 BTC
Bybit: 23,697 BTC
Huobi: 18,198 BTC
….
FTX: 6 BTC
The 17 greatest exchanges in the world collectively hold 1.891 million BTC. That is about 10% of the BTCs in circulation.
Not your key, not your bitcoins
It is appreciable that bitcoins leave the exchanges where the latter are at the mercy of a hack or embezzlement at the FTX…
L’exchange of Sam Bankman-Fried is guilty of having created an ex nihilo token, the famous FTT, and of having used it as collateral to borrow 10 billion dollars via his bank. Problem, the value of the FTT collapsed at the same time as the reputation of SBF, thereby ruining all its customers.
The bitcoins that are on the exchanges are IOUs (I own you). That is, they are a promise to receive those bitcoins.
Trusting and leaving your money on an exchange means trusting it to:
- Do not use your BTC as collateral to borrow and make bad investments.
- Actually owns the BTC it sells to you while holding it securely.
- Does not lend your BTC to day traders.
- Do not sell your information.
- Gives you back your BTC on demand.
Unfortunately, exchanges have proven to be untrustworthy time and time again. Hence the leitmotif of the maximalists: Not your keys, not your coins!
here is a article from our colleagues at Bitcoin Magazine explaining how to hold bitcoins yourself.
Owning your bitcoins yourself is absolutely essential. Only when all of humanity holds their own savings in the BTC store of value will the privileges come to an end.
Forget the dystopian CBDC that bankers will have “absolute control”. The future consists of eight billion Bitcoin addresses that can be spent without any censorship.
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